Update: The Impact of COVID-19
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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
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Dominium Rent Collection Report: Through June 1, 2020 we have collected 32% of charges for the month.
- Cumulative receipts are down (4%) compared to May through the 1st.
- Cumulative receipts are flat compared to July 1st , 2019, the most recent month with the 1st falling on a Monday.
In terms of types of properties or receipts:
- Resident receipts are at 37%, which is down (2%) compared to May through the 1st and up 6% compared to July 1, 2019.
- Subsidy receipts are at 17%, which is down (11%) compared to May through the 1st and down (19%) compared to July 1, 2019.
- Senior total receipts are 38%, which is down (4%) compared to May through the 1st and flat compared to July 1, 2019.
- Family total receipts are 31%, which is down (4%) compared to May through the 1st and flat compared to July 1, 2019.
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The chart below shows the distribution of properties on their collection performance in June through the 1st .
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The lowest collection category is primarily made up of Section 8 properties which are impacted by timing with changes between resident and subsidy owed charges. The below distribution excludes these properties and follows the expected trends.
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Previous Dominium Rent Reports can be found
here.
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Yardi Matrix examines
employment markets with durable jobs during the pandemic. They define durable jobs as those in government, finance, or professional and technical services. Their research found that cities with the highest percentage of durable jobs are those that have either a government capitol or state university or other knowledge-based institutions.
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Economic &
Employment News
JPMorgan compiled topics of conversations in their Zoom calls with clients on their
Zoom Room report. Topics discussed range from inflation, to vaccines, and US spending, to US Federal debt, and whether lockdowns work. They have also compiled their
Coronavirus (COVID-19) research on their website, which features podcasts, market impacts, an infection tracker, mortality rates, among other data.
SunTrust Commercial Real Estate sent their
Interest Rate Derivatives Market Update. They highlight rising unemployment to 36.8 million unemployed and home sales dropping 4.33 million. News of Moderna’s potential vaccine also caused a spike in the markets.
CoStar commented on how the world of work may change due to the pandemic. They also highlight that the US economy is comprised of 50 smaller economies rather than one economy. They analyzed work from home data and the industries that are more likely to support that type of work. In doing so, they also examine which cities have higher percentage of workers able to work from home. Several major cities are able to accommodate working from home for office workers, including Seattle, San Jose, and Minneapolis among others.
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The
US death toll has reached 100,000. The Washington Post created a graphic where each death is represented by a ray of light illuminating a map of the US. They note that the pandemic has exposed vulnerabilities in certain populations and that deaths are “disproportionately poor and black and Latino.”
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The CDC’s
tracker
of confirmed cases of and deaths from COVID-19 across the US provides the most up to date information on the spread of the virus.
IHME’s COVID-19
Projections page shows trends and projections of deaths and hospital resource usage. The graph on the right shows their projection for daily infections and testing:
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Other Interesting & Helpful Resources
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Mark Zuckerberg addressed
Facebook about their plan for remote work. As most of the company is working remotely, they have noticed higher productivity but acknowledge the challenges of building culture and work life balance. The company is giving current employees the option to work wherever they choose, but salaries may be adjusted to reflect cost of living in their new locales. As Facebook plans to reopen their office to only 25% density, they are expanding their recruiting to include more remote workers focusing on those that live 1-4 hours from their current offices, those in Atlanta, Dallas, or Denver, with plans to expand to more remote areas in the future.
Disney announced plans for a phased reopening of Walt Disney World Resort and hotels as well as Disney Stores starting July 11th.
The New York Times notes that the park’s reopening “carries a certain symbolism in itself” as Disney’s Main Street USA can be viewed as a symbol of Americana. Disney is still working out the details of reopening including the number of guests allowed into the park, but all visitors will have their temperatures checked and visitors will not be able to purchase tickets at the gates. Disney parks in California, France, Japan and Hong Kong will remain closed.
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State-by-State Actions
Reopening Status:
Construction Limits:
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Resident Resources
Freddie Mac offers a
Renter Helpline, which provides counseling for renters on budgeting, credit improvement and debt management. The attached flyer is available in multiple languages.
HUD has put together a
guide and FAQ for Renters during the pandemic.
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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
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