The multifamily sector has not been exempt from the impacts of the pandemic. While the sector hasn’t been rocked in the same way as hotels and retail assets, multifamily has suffered from reduced rent collections, negative rent growth and declining occupancy rates. There is one bright spot: affordable housing.
“Multifamily is one of the sectors that has thrived throughout the pandemic and is continuing to thrive despite unforeseen circumstances,” Richard Lara, founder and president of RAAM Construction, a leader in affordable housing construction, tells GlobeSt.com. “While the situation continues to evolve day-by-day, making it difficult to pinpoint the true impacts of COVID-19 on multifamily in the short and long term, the affordable housing construction and development sector does offer a bright spot in a sea of uncertainty.”