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Apartment analysts discuss project delays, rents and renewals amid COVID-19

“If they haven’t broken ground, I’d expect a much longer delay. It just depends on where they’re at. If they’ve been permitted and financed, those will go forward. For developers, once you get so far, you can’t go back. You have to ride it out, but it’s really on a property-by-property basis,” said Bruce McClenny, president of ApartmentData.com.

Dallas Business Journal (April 9, 2020) - Read The Full Article

Apartment market still going strong but experts fear what’s ahead

ApartmentData.com, which surveys multifamily properties in 12 southern markets, is seeing a similar trend.

“So far in April, with 35% of the properties having been surveyed already, we are beginning to see the decline in rental rates,” said Cindi Reed, director of business development at ApartmentData.com.

Austin Business Journal (April 9, 2020) - Read The Full Article

Renters Paying Over a Third of Their Income

More American renters than ever spend over a third of their income on rent and utilities. Bruce McClenny of ApartmentData.com says Houston has had some interesting events that have caused rent rates to rise. “[Hurricane] Harvey had a big impact on rental. It spiked up when people need places to live while they were out of their houses due to flooding.”

KPRC (February 19, 2020) - Read The Full Article