Update: The Impact of COVID-19
#1 — April 1, 2020
In an attempt to share what we know and are doing during this crisis, we will publish a set of updates on a periodic basis 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.

Of course, our first and most important activity is keeping our properties functioning and people in homes. The following are statistics and facts that you may find interesting as potential trends emerge.
Operations:
  • All 239 apartment communities open with staff in place 
  • Showing and leasing apartments with changed processes to limit human contact; leasing activity in March exceeded February, with applications up 5.6% and approvals up 32%
  • Have roughly 40 employees (out of nearly 1200) infected or quarantined 
  • Corporate offices remain open but most non-site employees are working remotely
Rent Collections:
  • #1 concern due to federal and state suspensions of evictions
  • Tenant actions and questions indicate potential misconception that suspension cancels rent owed
  • Collect roughly 80% of monthly receipts in the first 5 days of the month; next few days will be telling
  • First available indicator—early payment of rent--point to a decline:
- Source is YARDI daily rent collections to date in 2020
- A 34% variance in collections
- These payments represent receipts from most reliable customers; slippage here portends challenges ahead. Some caution in use is advised as range is small. 
Actions to Mitigate Risk:
  • Focused on how we can help residents access the new federal assistance 
  • Created worksheets and calculators to help residents understand individual financial situation, if employment or income has been disrupted. [example for single parent with 2 kids in CO is below] 
  • Many if not most of Dominium residents will have more income in April and May than when employed
  • Higher income residents (above $60K annual) will experience a decline in their income
Thank you,
Paul Sween & Mark Moorhouse