Schools facing a 5% dip in enrollment can absorb the pain, but those with sharper decreases will have to take measures to preserve their existing credit ratings, according to Fitch.
While transaction volume and liquidity have fallen, Real Capital Analytics Senior Vice President Jim Costello wrote, it would be "wishful thinking" to expect that the shift in buyer expectations alone will lead to a decline in price.
Retail and hotel real estate investment trusts — the most impacted from the stay-at-home orders and business closures — collectively drew down the most at nearly $19 billion.
In what is normally considered prime leasing season, rents declined nationally by .3% month over month, with the largest drops in gateway markets, according to Yardi Matrix.