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Home » News and Events » Page 15

News and Events

California to Pay off all Past Due Rent Accrued During COVID, Giving Renters Clean Slate

via Newsweek.com California is paying off residents' past due rent that was accrued during the COVID-19 pandemic, giving renters a clean slate, Gov. Gavin Newsom announced recently. The state's $5.2 billion in funds from Congressionally-approved aid packages is enough to pay off overdue rent, according to Newsom's senior counselor on housing and homelessness, Jason Elliott, the Associated Press reported. However, just $32 million out of $490 million in requests for rental assistance through May 31 have been covered so far, according to a California Department Housing and Community Development report. Read More..

A Pipeline of Retail And Hotel Foreclosures Is Forming

via GlobeSt.com The rate at which retail and lodging loans are moving into foreclosure is far short of the levels predicted when the pandemic gripped the country last March, with just 12 loans representing $270 million of outstanding balance officially beginning the process. A new analysis from Moody’s Analytics REIS also shows that the rate at which loans for those sectors are being modified has also decreased markedly after reaching a peak early last summer. A temporary spike in the rate in December yielded to a sharp decrease early in Read More..

Retail Rent Collections Eclipse 90% Mark For First Time Since Pandemic

via GlobeSt.com Total retail rent collections approached 91% last month, the first time since March 2020 that collections eclipsed the 90% mark. May collections clocked in at 90.85%, up more than a percentage point over April figures, according to new research from Datex Property Solutions. National tenants performed even better than the national average, at 94.27% (versus 93.45% in April). Rent collections among non-national tenants came in at 87.12%, nearly two percentage points higher than April’s figure and only 1.4% off its 2020 high. And collections for both national and non-national tenants are now less than one percent from their peaks for all of 2020; at this point last year, aggregate collections were down 48% from current numbers. Read More..

Landlords Are Ready to Restart Evictions Amid Pandemic; 11th Circuit Weighs Arguments

via GlobeSt.com As the weather heats up, so too does the fight to end the Centers for Disease Control and Prevention’s pandemic-related eviction moratoriums and restore landlords’ ability to take legal action against delinquent renters. And one of the groups driving the push is the New Civil Liberties Alliance, which presented oral arguments via teleconference before the U.S. Court of Appeals for the Eleventh Circuit in Brown v. CDC, an eviction moratorium lawsuit against the Centers for Disease Control and Prevention. Read More..

Here are the Retailers Leading Rent Collections Right Now

via GlobeSt.com Salons and hair led the biggest month-over-month gains in rent collection in April, with increases of 8.21% and 9.97%, respectively, according to the latest Datex Property Solutions’ Tenant Track Report. They were followed by home goods (5.7%), drug stores (4.54%) and fitness (4.24%). The latest figures demonstrate how far the economy has come from rent collection lows a year ago, when the pandemic froze virtually every facet of American commerce. In April 2020, rent collection percentages dropped 35% from March numbers to 59.73%, and 62.97% for national chains. In April of this year, collections reached their highest levels post-pandemic 89.42% in aggregate and 93.44% for national chains. Read More..

An Oversaturated Flex Space Market Could Easily Deflate

via GlobeSt.com The flex office market already looks like it will see a comeback. Indicators range from the resurrection of WeWork into a publicly held company through a SPAC to a deal with JLL to market and lease co-working spaces in 38 locations across seven U.S. cities. A JLL survey of 2,000 office workers showed that two-thirds want to work from different locations, suggesting that after a pandemic, there may be multiple places as good as, or better sounding, than another day at home. Read More..

Gov. Newsom announces plan to pay rental housing providers 100% of rent owed

via CAANet.org Gov. Newsom today announced his intent to pay rental housing providers 100% of rent that’s gone unpaid because of COVID-19. “This is certainly welcome news, and we applaud Gov. Newsom for his commitment to making rental housing providers whole,” said Tom Bannon, chief executive officer of CAA. “Many of our members have provided housing for more than a year without compensation. We thank the governor for understanding the difficulties that both tenants and rental property owners have endured during the pandemic.” Read More..

May Becomes One of Best Months for Rent Collection During Pandemic

Via CoStar.com The number of U.S. apartment dwellers paying full or partial rent increased from April to May to one of the best figures during the pandemic, a signal of increasing recovery from the economic hardship since the onset of the health crisis. Roughly 80% of renters paid full or partial rent payments by May 6, according to the latest rent payment data from the National Multifamily Housing Council. The Washington-based apartment advocacy and research group surveyed 11.7 million rented units throughout the United States. Read More..

SoCal industrial boom may prompt tighter air quality regulations

via TheRealDeal.com Southern California’s industrial market has been surging, but that has come at a cost to the environment. Warehouse operators may soon have to meet new air quality regulations or pay hefty fines for their emissions, according to the Los Angeles Times. Regional air quality officials on Friday are set to vote on a suite of rules aimed at reducing emissions from trucking and warehousing operations in the area, according to the report. Read More..

Apartments Have Stabilized Earlier Than Expected

via GlobeSt.com In Q1 2021, the US multifamily market stabilized a quarter earlier than expected, according to a new report from CBRE. While vacancy rose by 20 basis points to 4.7% in the quarter, the average rent rose 0.4%. That was the first quarterly rent increase since the pandemic began. Still, the average rent was down 4.2%, and vacancy was up 50 basis points compared to a year ago. Read More..

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