Early data suggests that April rent collections are down meaningfully due to COVID-19. According to The National Multifamily Housing Council (NMHC), 31% of tenants had not paid rent as of April 5th. That number was 18% in April of 2019. It's also safe to assume that unless the stay at home orders are lifted, the trend will continue and likely worsen in coming months.
Some things we will be watching:
Where will these impacts be felt most?
How will it effect regions and sub-markets differently?
What does it mean to highly levered properties?
How will financial stress translate or be shared between the tenant, landlord, bank and bond holder?
How will this impact asset valuations and transactions?