Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
I received an email from a local apartment broker saying in our State rent collection is down about 5%. For myself this has not been the case I am at 100% which I have been through out the COVID situation. I still have my fingers crossed and am still waiting for the sky to fall. Would be interested to see if anyone is starting to see a crack forming in their collections.
Rental Property Investor · Des Moines, IA · Member since 2020 · 232 posts · 116 votes
6y
@Josephine Wilson I think another saving grace for me, was that all my tenants were considered "essential workers". So no one got laid off during the lock downs.
And the whole "essential workers" label, is seriously making me rethink how I screen tenants in the future.
Investor · Knoxville, TN · Member since 2016 · 47 posts · 86 votes
6y
100% in Knoxville. We moved a good amount over to Section 8 KCDC program and the city pays for about 80% of the rent. The tenant is in charge of the rest.
Investor · Las Vegas, NV · Member since 2015 · 71 posts · 38 votes
6y
@Eric Bilderback
Class A is doing very good. I have a friend that owns about 1300 units and he is down only 4% since the beginning of the pandemic.
Class C is the worst performing.
People with rental homes in general are having a harder time, especially those without a management company because we are often too nice so to speak…
I have one investor friend with 10 homes downtown and he is down about 15% in income, his homes are all class B. I have another friend that owns class C plus type homes and he has gotten slaughtered. Some tenants simply refuse to communicate, etc. 
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
6y
We've had good luck here. However, most of the stuff I manage is Class A to B. The few we've had problems on are class C type stuff. For September we collected about 98%.
Investor · New York City, NY · Member since 2015 · 388 posts · 563 votes
6y
@Steve Morris - it appears to be a biased sample. People who aren’t having problems can lounge about on BP all day. People like me - who own and operate lower and middle income rentals - are getting clobbered, and we’re too busy banging our collective heads into walls to post much on BP. It’s a slog.
Investor · New York City, NY · Member since 2015 · 388 posts · 563 votes
6y
@Steve Morris - I am mildly optimistic about the near-term future of rental property investing. Negative factors include(but are not limited to) higher unemployment rates and government interference in the eviction process. Positive factors include a declining unemployment rate, monetary policy which throws everything including the kitchen sink at the problem, and generally stimulative fiscal policy as well.
To wit: interest rates are so low(due primarily to loose monetary policy) that investors can obtain loans with interest rates around 3%. The intent of said monetary policy is partially to buoy the housing market, and from the data I've seen, it's working quite well. An investor can pay quite a bit for a property, and due to low mortgage rates, the cash flow will still be acceptable to the investor.
The Fed is doing all it can to promote inflation- if the Fed is successful, owners of real estate stand to benefit. Renters? Not so much. If the Fed is unsuccessful, then my optimism will fade.
Lender · United States · Member since 2020 · 1k+ posts · 499 votes
6y
I think the market has done better than expected during the pandemic. In March, I read reports stating the world was coming to an end and up to 50% of families will stop paying rent. NXRT, a billion-dollar investment company just reported they received 97% of rents.
Lounge about BP all day thats funny and kind of true. I really am sorry to hear about your problems. I have all class C stuff. But no problems hardly at all. Do your tenets not have money because of a job loss? The whole world knows that NY has gotten hammered hard, or are your tenets telling you to screw off because you can’t evict?
Thx for that reference. I don’t think it really is at 25% do you? Although I agree things could very well get much worse especially if we don’t get any more gov’t checks.
Investor/Agent/Entrepreneur · Dallas, TX · Member since 2016 · 464 posts · 564 votes
6y
I had a tenant that was on the brink of eviction, held out for 6 months through the whole lockdown and just as the eviction moratoriums lifted within that ordinance, they paid the entire balance! I think they hid their cash in a shoebox, just hoping that the government was going to bail them out with with some relief. Thankfully they paid up, but this could've been a painful process for a landlord to bear this on a larger scale.
Investor · FL · Member since 2017 · 247 posts · 245 votes
5y
@Eric Bilderback I invest in class b and c apartments as a limited partner in other people's syndications. My portfolio of 30+ deals (mostly in TX and FL) has marginally been affected since COVID. Average occupancy down a couple of points and average collections down a couple of points. Hope this helps with some perspective in the multifamily space.