Chicago’s mid-market apartment metrics remain strong amid the overhang of the COVID-19 pandemic and the gradual reopening, the Kiser Group reported. The brokerage followed up its May survey of multifamily owners, this time focusing on both physical occupancy and rent collection.
“Although physical occupancy greater than 80% was reported by approximately 95% of respondents for March, April, May and June, the surprise was the percentage of units reporting 95% or higher,” said managing broker Lee Kiser. “In March, this tranche was 60% of respondents but in June fell to 48%.”
Relative to other commercial product categories, multifamily rent collections remain strong, “with 97%+ of respondents reporting 80% or higher collections,” said Kiser. “That is not to say collections have not been impacted. A closer examination of the data shows that collections higher than 90% have fallen in the last four months from 89% in March to 81% in June.”