The seven largest real-estate investment trusts that specialize in mostly high-end apartments each collected at least 94% of their total rent payments in April, according to recent earnings statements. The Wall Street Journal noted that analysts expect rents to decline even for better-off tenants, as landlords capitulate on price to keep apartments occupied.
- Some landlords are even increasing rents: Aimco said it’s raising rents in Northern California apartments that house Facebook and other tech workers whose jobs haven’t been affected by the pandemic.
- Tech that’s making a difference: Apartment REITs also report success adapting to the world without in-person apartment showings, leasing new units based on virtual, online tours alone. UDR said all its traffic during the pandemic has been virtual, including apartment tours conducted over Zoom. And some landlords say they expect to use more virtual tours in the leasing process even after Covid-19 has subsided. [WSJ]