A new forecast from Freddie Mac Multifamily predicts that the Covid-19 pandemic will result in higher vacancy rates and lower rent growth through the rest of 2020. Driving factors include the bad job market and lower overall household income.
“Ultimately the economy is unlikely to begin its return to full strength until an effective treatment or vaccine is available,” the federal agency wrote in the report.
The forecast also finds that demand dropped during the second quarter, vacancy rates rose and rent growth slowed, which will lead to an expected decline in gross income growth of 3.3% to 4.2% for the year.
It’s all about the vaccine now. Let’s cross our fingers.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.