COVID-19 Trends of the Week: Sept. 28-Oct. 2

Single-family rentals surge. Landlords and residents wait for relief. Capital flow continues. These are the trends that shaped coronavirus coverage this week.

After inching up the previous week, U.S. jobless claims for the week ending Sept. 26 fell to a six-month low of 837,000. But this is the sixth week that claims have been between 800,000 and 900,000.

1. Single-family renter market gains new players. 

single-family home
Image by Markita Amesquita

Coronavirus has pushed many renters out to the suburbs. For those that want a single-family experience but aren’t ready to commit to a mortgage, there is a growing supply of single-family houses they can rent. This week, Nuveen and a couple of other big names in investing all announced they wanted to jump into that game.

Nuveen Enters Single-Family Rental Market
Multi-Housing News

JPMorgan Wants to Invest $700M Building Rentals in Sun Belt states 
The Real Deal

Harvard Investments Launches FirstStreet™ Rental Community Brand and Southwest Growth Plan
Yahoo! Finance

2. The struggle is real for residents and landlords.

While further Federal relief remains on hold, multifamily rent payments continue to fall. The National Multifamily Housing Council reported a 90.1 percent collections rate (September 20), but many residents and landlords are not included in the tally. Meanwhile, a number of state eviction moratoriums expired this week-—some were renewed and some weren’t. Landlords are hoping that rental assistance is included whenever the next relief bill is passed.

Rent Payment Struggles Continue
Multi-Housing News

Governor Cuomo’s ‘Moratorium’ on Evictions Won’t Really Stop Evictions

Gov. DeSantis Allows Eviction and Foreclosure Moratorium to Expire  
Florida Politics

3. Capital markets remain liquid while further trouble brews.

Commercial real estate defaults, particularly in retail and hotel, continue to mount, but capital is still flowing to real estate investors. While a Fitch Rating report this week estimated huge losses for U.S. life insurance companies, the Mortgage Bankers Association found that the total amount of commercial real estate debt grew by more than 1 percent in August. 

Loan Losses for Life Insurers to Outpace 2007-2008: Fitch
Commercial Property Executive

MBA: Outstanding CRE Mortgage Debt Continues to Increase
Connect Commercial Real Estate

Morgan Stanley, Wells Fargo Behind $305M Loan for Brookfield’s LA Office
Commercial Observer