We are nearly a year into the pandemic and resulting economic downturn. It has obviously presented unprecedented challenges for both the multifamily industry and America’s renters. How has the industry met those challenges?
“Some segments of our industry are dealing with some serious hurdles today, and the outlook remains cloudy, at least in the near term, for the apartment market at large. Yet, given the severity of the economic downturn and rise in unemployment during the pandemic, and renters, as a whole still struggling to make ends meet they continue to meet their obligations, according to our NMHC Rent Payment Tracker. This combined with the way that the industry continues to adapt and innovate to meet the demand that is in the market, gives us reason to be encouraged.
That said, the NMHC will continue to be proactive to minimize the pandemic’s impact on the industry and our residents. We have made rental assistance, extended unemployment benefits, and an end to ongoing eviction moratoria our top priorities as we advocate to lawmakers. As the Biden administration takes control of the White House and the 117th Congress commences, we remain dedicated to continuing these advocacy efforts to ensure the stability of the housing sector.
While our attention is, by necessity, focused on the very real problems confronting the industry in the here and now, I also see a very bright future for the industry. I believe that because the fundamentals that have delivered so many years of growth remain constant and demand remains strong.
I won’t predict exactly what we will be dealing with a year from now. However, if the last several months have taught me anything, it’s that we should consider ourselves lucky to be in the industry we are, providing homes to millions of families. And, once we weather the current storm, we have much to look forward to.”
- Douglas M. Bibby, President, National Multifamily Housing Council