In Case You Missed It: May 8, 2020

Here’s the best of what I read this week—in commercial real estate, housing, and the economy—in case you missed it…

April Employment Report: 20,500,000 Jobs Lost, 14.7% Unemployment Rate

Calculated Risk - May 8, 2020 | By Bill McBride

“The current employment recession is by far the worst recession since WWII in percentage terms, and the worst in terms of the unemployment rate.”

Apartment Retention Hit Record High in April, But Revenue Growth Hit Nine-Year Low

RealPage - May 7, 2020 | By Jay Parsons

“Property owners and managers purposely did not capitalize on high renewal demand in April. In fact, renewal rent trade-out – which measures the change in rent for renters renewing leases in the same unit – came in at the lowest level since December 2010.”

Most new COVID cases in New York are non-essential workers staying at home

6sqft - May 6, 2020 | By Dana Schulz

“There was a lot of speculation that the data would show essential workers riding public transit or vulnerable groups such as those in nursing homes or the prison system. However, the reality is that most of the recent new COVID cases are non-essential workers who are at home and not riding public transit.”

Why the Labor Market May Recover Faster than Previous Recessions

First American - May 6, 2020 | By Odeta Kushi

“The depth of the pandemic-driven economic decline is becoming clear, but the duration remains unknown, and that could make all the difference.”

This Is What a Distress Cycle Looks Like

Real Capital Analytics - May 5, 2020 | By Bob White, Alexis Maltin

“There is a generation of new commercial real estate professionals that have never experienced a down cycle. For the rest of us, there is still a lot to learn from the last distress cycle that will inform what the upcoming one will look like.”

Q1 2020 Small Multifamily Investment Trends Report

Arbor Chatter - May 5, 2020 | By Chandan Economics

“While the impact of COVID-19 contributed to a 0.9% decline in small multifamily prices in the first quarter of 2020, they are still up 5.5% from a year ago.”

U.S. Apartment Market Sends Mixed Signals in April

RealPage - May 5, 2020 | By Greg Willett

“Continued tight occupancy is encouraging, and rent payment levels from the existing resident base exceed the expectations that many of us had. Still, the overall message has to be that we’re likely in for a rough prime leasing season.”

Reis: CRE Completions Plunge

MBA - May 1, 2020 | By Michael Tucker

“Expectations made before the pandemic of record level new additions in the apartment sector in 2020 will likely not come to fruition.”

What April Payments Tell Us—and What They Don’t

NMHC - May 1, 2020 | By Caitlin Sugrue Walter

“April rent payments were better than perhaps expected. But in an environment where things are changing week to week, future payment performance is unpredictable at best.”

RIP, Mort Drucker 1929-2020

Mad Magazine - April 9, 2020 | By The Editors

“In 1956, Mort met with MAD publisher Bill Gaines during a Dodgers vs. Yankees World Series game. “If the Dodgers win, you’re hired,” said Gaines. They did win, and Mort began a career at MAD that would span the next five decades, and most notably brought to life the magazine’s infamous parodies of TV shows and films.”

Weezer – “Hero”

Stereogum - May 6, 2020 | By Chris DeVille

“This one is for the stay at home dreamers, the zoom graduators, the sourdough bakers, and the essential workers.”