Update: The Impact of COVID-19
#12 — April 28, 2020
Dominium has been focused on our business and operations during this pandemic crisis. As we move past the critical rent collection part of each month, we will focus our updates on information that we have found useful in the work we are doing. We hope that our friends and partners in affordable housing find it helpful as well and will send other information our way as well. A collection of all previous updates can be found at COVID-19 Impact Update.
Rent Collections
Dominium Rent Collection Report: Through April 26, 2020 we have collected 91.9% of anticipated rent. This is down by (1%) when compared to February and March collections. We conservatively estimate that month end collections will be 92.5%, down from previous months total collections.
Previous Dominium Rent Reports can be found here on DominiumApartments.com/All-In .

Dominium has been collecting information on April Rent Collections from others, which is summarized in the two charts here.

NMHC has been tracking rent collections industry-wide and hosted a webinar on 4/22 to discuss their ongoing findings, why multifamily housing has been a relatively resilient industry and how to maintain that going forward in the COVID-19 Pandemic.

They also report encouraging rent receipts for the month of April as reported in their tracker. 
Economic News

CBRE provides Q1 Retail Data and summarizes the abrupt impacts of COVID-19 on retail sales and consumer sentiment in March, as well as the implications for Retail real estate. 

This Key Bank overview of economic forecasts for Q2 2020 projects increased unemployment claims, a more severe drop in GDP than previously projected, driven by both increased cuts to nonessential businesses and reduced demand from consumers.

The Washington Post reports that Global markets showed signs of rebounding on Wednesday following days of plummeting oil prices. Prices rebounded from $0 a barrel to around $14 to $20 a barrel. Due to nearly half the world’s population sequestered by some form of stay-at-home orders, demand for oil dropped, but with the announcements of loosening restrictions and reopening economies, demand will normalize. 

Bloomberg notes that The House of Representatives voted—in person, wearing masks—on April 23 on a deficit spending bill which would fund forgivable loans to small businesses, small and medium banks and credit unions, as well as funding for hospitals and testing.

Auto news source, Jalopnik, reports that like other industries affected by stay-at-home orders and sweeping unemployment, the used car market is also experiencing pricing issues as vehicle sales fell 63% compared to the same time last year. 

As the CDC has urged American to avoid nonessential travel during the COVID-19 pandemic, causing flights to be between 5 to 15% occupied. As reported on VOX news service, only slightly more than 124,000 passengers have passed through TSA checkpoints on April 2nd compared to 2,411,500 travelers on April 2nd of last year.
Resident Resources
IRS Information on COVID-19 Checks 
Dominium Resident Resources by property
Information on filing for unemployment
In an attempt to share what we know and are doing during this crisis, we are publishing a set of periodic updates for our partners and friends in affordable housing. We likely will do this twice a week or as interesting events dictate. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse