Apartment occupancies are starting to deteriorate as the COVID-19 fueled economic crisis wears on. A recent survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July.
Other data providers are showing similar issues in the market. RealPage says that rents dropped an average of 1% in the second quarter, which was the first decline of that type in nearly a decade.
As apartment operators navigate occupancy concerns and collection issues, saving money becomes even more critical. They can find real savings onsite.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
