Multifamily Developers Facing New Headwinds from Impact of COVID-19 Virus

The National Association of Home Builders (NAHB) conducted an online poll on April 3rd and 4th of members of the NAHB’s Multifamily Council, NAHB’s Affordable Housing Group, and NAHB’s Multifamily Leadership Board developers, asking how the COVID-19 pandemic was impacting their ability to continue construction projects and collect rents. In the survey 90% of the multifamily developers are reporting that the virus was having an adverse effect on how long it takes to obtain a plan review for a typical multifamily building.  Also 88% said they were having difficulty in timely collection of rent payments. After plan review and rent collection, the most widespread problems were supply of n95 respirator face masks (cited as a virus-induced problem by 86% percent of multifamily developers), traffic of prospective buyers/renters (85%), and costs related to renters’ health and safety (82%).

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