Multifamily Landlords Finding Relief From The Coronavirus
Multifamily owners may experience a reduction in income because of the coronavirus. Luckily, Fannie and Freddie are stepping up to help owners potentially defer their loan payments for up to three months. Hopefully, this should be enough time for renters to get back to work. Still, there is the question of how the continued typical expenses that are incurred through daily operations will impact smaller owners.
I have noticed that some apartment owners are offering a 25% reduction in rent here in Portland and I am curious to see if this will be enough.
Our partnership with our commercial brokerage team at ABR Winkler Group, affiliated with Keller Williams Commercial, has given our commercial mortgage group a true understanding of the rapid changes taking place in the market.