Alright everyone. April 1st is here and rent is starting to come in. I know everyone in our shop has been clinching their buttholes to see how what March collections look like. At the moment we're only reporting ~2% our portfolio asking for rent relief and the majority of tenants seem to be paying. March isn't our biggest fear but rather what April or even May collections will look like should this drag out until then.
Just for background, we're a CA based MF operator with majority class A/B assets and locations. We do have a handful of deals that contain some student populations but so far they haven't been terrible. In talking with folks from other shops who've bought more tertiary markets (Vegas/Phoenix) at aggressive cap rates they're super nervous and understandably so.
Anyone out there already seeing massive hits in collections or dealing with tenant strike issues? If so any early strategies to absorb the pain?