Mid-Atlantic Multifamily Market Report

The global economy continued to experience stress induced by the coronavirus pandemic during the third quarter. As the duration of this public health crisis is extended, so too are the personal economic hardships experienced by those with income uncertainty. The Mid-Atlantic region’s multifamily market has faced challenges in recent months, as renters’ economic hardships have affected the cash flow from some assets in the short term. Programs aimed at financially supporting distressed workers, such as the CARES Act and the early stimulus package, have effectively run out. Congressional negotiations for a new stimulus bill have been slow-moving, which has prolonged struggles for some renters. Despite these challenges, the Mid-Atlantic region is well-positioned relative to its geographic peers, due to the presence of the federal government, concentration of long-term federal contracts, and overall composition of labor, which boasts many high-wage jobs in the professional and business services sector.