Mid-Atlantic Multifamily Market Report

The global coronavirus pandemic continues to impact economies and commercial real estate markets across the world. The Mid-Atlantic region’s multifamily market has faced challenges in recent months, as the economic hardship that many renters are enduring has affected the cash flow from certain assets in the short term. However, eviction and unemployment protections were built into the CARES Act, which provided short-term relief for renters who were or continue to be impacted by layoffs or business closures. Direct one-time payments to individuals under certain income thresholds assisted with rental payments and in turn helped asset owners. Now the region and the country wait for a potential new stimulus bill as the unemployment benefits built into the CARES Act expire at the end of July. Despite the challenges the nation is facing, the Mid-Atlantic region is uniquely positioned due to its labor force’s strength in the high-wage professional and business services sector and the stabilizing presence of government contractors, particularly given the local successes in securing contracts related to addressing COVID-19.