COVID-19: How the CARES Act Impacts You (Webcast Summary)

To support the multifamily community through the current COVID-19 crisis, we’ve launched a series of discussions centered around its impact on the rental housing industry with the latest data, expert insights and actionable measures stakeholders can take to minimize fallout. You can register for upcoming webcasts and watch previous episodes on demand at the COVID-19: Resource Center. This is a condensed summary from the 7th webcast in the series, COVID-19: How the CARES Act Impacts You*, broadcast on April 2, featuring RealPage® VP and Deputy Chief Economist Jay Parsons and VP Legal Mike Semko.   ECONOMIC UPDATE & NMHC GUIDANCE FOR MULTIFAMILY Congress approved the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2-Trillion stimulus package, on March 27 to try to stem the tide of national economic deterioration from the COVID-19 pandemic. Last week, the U.S. Department of Labor reported historic figures for the most unemployment claims filed in a single week—nearly 3.3M. Those numbers doubled to 6.6M in this week’s report. The spiraling job loss is expected to worsen. The Federal Reserve of St. Louis speculates that as many as 47M people will lose their jobs, pushing the unemployment rate to an unprecedented 32%. With so many Americans out of work—and the stimulus funds not yet distributed—the rental housing industry is focused on how much rent gets paid this month. RealPage is watching those numbers closely and collaborating with the National Multifamily Housing Council (NMHC) to create an industry-wide tracking report on rent payments starting this month. In addition to encouraging member organizations to keep renewals flat, the NMHC is also advocating that members establish payment plans for renters. We know many of you are in alignment with these guidelines. In today’s poll of webcast attendees, we asked if your companies would allow payment plans for renters. The overwhelming response was that...