CityView's investment strategy has also helped to mitigate rent loss. The firm has been selective in acquiring properties and development sites, and has stuck to pretty rigid market standards, like access to quality jobs, strong income requirements and proximity to local amenities. "We are in strong gateway markets on the West Coast and we pick projects that are in proximity to really solid jobs, transportation and culture," adds Burton. "We are also careful when we lease a unit, and we require three-times the income."

While Burton is encouraged by the strong April performance, he is realistic about the challenges ahead, predicting that May and June will present greater challenges. "I think May will be worse, both across the country and across real estate," he adds. "As of April 1, some people had not yet lost their jobs and other people had lost their job only recently. I think there will be more people that have lost a job or have been out of work for a whole month on May 1, so we are anticipating more dislocation. We are still trying to stay ahead of it and see who has developed issues."

The expanded unemployment benefits and the stimulus payments will certainly help residents pay May rent and beyond, but Burton doesn't think it will do enough to offset the impact from the pandemic. "[The CARES Act] is definitely going to play a role. The stimulus checks, the unemployment benefits and the PPP will help—as they actually get into people's pockets," says Burton. "I think, even with all of that, we are going to see a more challenging May. As the economy starts to reopen, hopefully in mid-to-late May, some of the effects will be mitigated. However, nothing it going to open in April, so the biggest impact is going to be in May and possibly June. We are more optimistic in an upswing throughout the summer."