Although the Coronoavirus pandemic has impacted every industry in some way, shape or form, certain fields play host to more apartment residents than others.
Unfortunately for apartment owners and investors, industries that have been hardest hit by the pandemic—and which therefore have posted the greatest amount of job loss—also are the sources of the largest number of apartment residents, heightening the risk for workers in those fields to default on rent, according to a recent report from the National Multifamily Housing Council.
The accommodation and food services sectors experienced the most job losses of all sectors, losing over 3.2 million jobs from February through August, the research report stated. That was followed by losses in the health care and social assistance and administrative, support, waste management and remediation sectors. The arts, entertainment and recreation sector also was hard hit; it lost 869,700 jobs.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.