J Turner Research has surveyed over 1,400 multifamily executives, more than 42% of them in senior management, to uncover the impact of the COVID-19 pandemic on multifamily housing, as well as outbreak prevention measures and the state of communication with residents.
According to the recently released “Multifamily Insights on COVID-19 Report,” many of these leaders—78%—anticipate that the COVID-19 pandemic will have an impact on leasing in the short term. Property managers are concerned about renters’ ability to make payments, and some have received requests to discount rent, particularly if amenities have been closed to residents. Over 41% expect a strain on resources to result from “staycations,” or increased numbers of residents working from or staying home.
Forty-five percent of respondents had transitioned to a work-from-home business model for their corporate staff, while close to 32% are “considering it.” Two-thirds (66%) have imposed restrictions for work-related travel, while 77% have canceled attending conferences.
More than 59% are making special considerations or provisions to help on-site staff deal with the pandemic, while 41% had not yet taken action. Of those who have taken action, provisions include:
- Limiting the number of staff on-site at one time;
- Conducting maintenance an emergency-only basis;
- Limiting tours or conducting virtual tours;
- Limiting physical contact;
- Canceling resident events and closing communal amenities; and
- Increased sanitation efforts.
The vast majority of respondents—81%—have communicated with residents about the pandemic via email, texts, or property signage. These communications include temporary policy changes, amenity closings, event cancellations, and sharing CDC guidelines. Student housing managers are canvassing their residents to see who has left or plans to leave, and for how long.
Measures taken by respondents to stem the virus’ spread include disinfecting and extra cleaning of high-traffic areas and surfaces, limiting resident interactions in person, and removing shared food such as beverage stations and cookie jars from lobby areas.
For 55 and older communities, extra measures include daily common area and office sanitization, canceling all resident events, closing clubhouses, and discouraging congregations of more than 10 people in an area.
Click here to download the full study.