"The market gyrations, they definitely create this kind of uncertainty and unnerving situation for people," Campo says.

The medical concerns from COVID-19 only add to the uncertainty. "You have this overly uncertain environment, where people are just incredibly emotional," Campo says. We're applying the same sort of teachings [with Camden employees], today as we used in the financial crisis."

The long recovery from the financial crisis has priced real estate and the stock market to "perfection," according to Campo.

"All of a sudden, the economy is going to be different," Campo says. "The question is, what does that mean over the next day, week, month and year. I don't think anyone today has the answer to that."

Even with the uncertainty, people are still making stock trades. "There is lots of volume," Campo says. "Some people are making bets, and they're trading. Some people are making money, and some are losing money."

Campo has been preparing his company's balance sheet for a potential downturn for a while. Camden has focused on lowering its debt and its debt to EBITDA. "We have been planning for some bizarre event that would knock this market down," Campo says. "We've had the longest recovery in US history. Even though it wasn't the strongest, it was the longest."

Going into 2020, Camden had modest plans. It intended to acquire $300 million of real estate and start $200 million of development.

"I don't know whether I'll do that or not," Campo says. "I know for sure that I'll do nothing right now, and I'll see how the hand plays. Let's see how long it takes to get to solid footing where you have at least a view of what might happen in the future. Right now, it would be irresponsible for me to go out and buy a property tomorrow at a price that who knows what it should be or will be in the future."