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Posted on May 28, 2020

Sound Mortgage

COVID-19 and SFR Rental Market Update from Sound Mortgage
State of Single Family Real Estate Real Estate (SFR)
Leasing Activity and Occupancy During COVID-19
With stay-at-home orders in place, occupancy levels remain strong, and tenants are staying put. Leasing activity has adapted to virtual showings and processes and has not slowed down.

Rent Collection During COVID-19
Rent collections in April and May were healthy, which may have been impacted by government stimulus checks.

Marketplace Activity During COVID-19
single-family rental investing continues to grow, and we are continuing to see moderate activity with consistent pricing. Further, there is a push toward single home rentership, as people are either choosing not to buy during economic uncertainty or want to rent with greater space and privacy.

State-Level Activity During COVID-19
On a state level, some states are banning evictions or putting restrictions in landlords in place. Currently, North Dakota, South Dakota, Wyoming, Arkansas, and Georgia are the only states without COVID-19 eviction legislation. Many states are also starting to reopen. Washington, California, Arizona, Wisconsin, Illinois, Michigan, and New York are some of the states the remain shut down.

SFR Rental Industry is here to stay and I highly suggest to not use mortgage forbearance unless that is your last option. Make sure to protect your credit score and financial health at all times.
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