COVID-19: Impact on Single Family (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 webcast, COVID-19: Impact on Single Family Rentals, broadcast on April 1, featuring RealPage® Chief Economist Greg Willett, VP and Deputy Chief Economist Jay Parsons, and SVP Single Family Inaas Arabi, with special guests Adam Haleck, President and CFO Northpoint Asset Management, and Tony Cline, Managing Broker Home Vault Property Management.   State of the Economy, Certain Metros & Single Family Rentals The economic situation is changing by the hour. The U.S. federal government and the Federal Reserve are taking dramatic steps to turn the tide. The biggest concern right now is the unprecedented number of people losing their jobs. Last week about 3.3 million people filed for unemployment. The previous record was just under 700,000 in late 1982. At this rate, the number of people losing their jobs could double this week’s number filing for unemployment, with job cuts in a two-week period expected to equal or exceed all the losses recorded in 2008 and 2009.  Economists at the Federal Reserve Bank of St. Louis project that 47 million people could lose their jobs as a result of the COVID-19 downturn, pushing the unemployment rate to an unprecedented 32%. However, most of these positions are expected to be reinstated in 2021.  Layoffs have been harshest in the hospitality sector and among retailers, including restaurants and entertainment venues. Markets with heavy exposure to these sectors will likely be hit hardest. For example, Las Vegas’ share of total workers holding hospitality jobs is about 2.5...