We've been monitoring collections closely since March. While receivables are up, it hasn't really been that bad. With the economy where it is, what are you thinking? What are you seeing for July and August? Differences amongst geographies/age/income? Projections for when the federal stimulus checks stop flowing? When the moratorium on evictions lifts? What happens to collections when savings dwindle as inflation increases? Rent is a huge cost for people but also, via mortgages paid by landlords, the way banks remain solvent. I don't know much about commercial leases but curious on that front as well. I think rent collections and lease defaults are compelling early indicators of economic malaise.
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Collections have been decent (betting it's at least partially due to QE). Our portfolio pulled low 96% in June, 97% in July and are in line for a similar month for August (~16,500 multifamily units). Excited to see moratoriums lift so we can get some trouble assets ticking again.
Long term macro trends will be interesting regarding inflation and wealth disparities. Unless firms are highly levered with shit tenant bases, I highly doubt there will be many defaults on financing (in the multifamily space at least). Our portfolio has a lot of affordable assets and they are operating well, student assets have been surprisingly okay as well.
nyc portfolio here - resi collections remain strong (90%+) but commercial continues to suffer
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