Rental Payments Dip As Stimulus Package Fails - RealCrowd Recap

July 6, 2021
Rental Payments Dip As Stimulus Package Fails - RealCrowd Recap

RealCrowd's Thoughts

What's Happening Now
As we’ve called for over the past few newsletters, the first NMHC rent tracker report for September shows a fairly significant decline in rent collections over the same period in 2019. Through Sept 6th, 2020 is down 480bps over 2019, which is about twice as large of a delta from where it had been tracking through the first several months of this crisis. We believe this is largely due to the ending of the expanded Federal unemployment benefits that ended in July, with August having still seen the benefit of those last checks people received.

To further the pain, another attempt at a stimulus package failed to move forward this week when a $500B bill didn’t garner enough votes to move forward. While it would’ve provided some benefits to those in dire need, it was seen as lacking in many areas, including no funding for an additional round of direct payments to the American people as in the first round earlier this year.

In other news, Walmart has entered the chat. Last week we told you about Amazon’s FAA approval for testing their drone delivery service, this week we hear that Walmart too was creating a buzz in the sky (all credit to Tyler for that delightful play on words). They’ll be testing grocery delivery in select markets in partnership with a third party drone company. Maybe we’ll get that Jetson’s future after all.

What To Watch
As I write this note under a thick blanket of orange and red smoke here in Oregon, I would strongly suggest you take a listen to our podcast with Steve Weikal where we briefly touch on the concept of climate oases. The science behind where our world is headed is undeniable, and the tangible effects are all too present around us.

My inbox and texts have been flooded with friends in Southern Oregon who have lost everything, my wife’s hometown in northern California was just erased from the map by a wall of flames that leveled the entire community and parts of outlying Portland have already begun to evacuate from an almost 400,000 acre fire a mere 20 miles from our downtown core. Growing up in Oregon, summers filled with smoke used to bring back a smell of nostalgia, but the fires are different these days. They’re destroying entire towns - that never used to happen. Talent, Phoenix, parts of Ashland and Medford are directly along the I-5 corridor for goodness sakes!

As we remember all of those that were lost and the heroes that gave everything on the anniversary of 9/11, I’m filled with hope that we can engage a similar sense of pride and enthusiasm for our country in response to the climate crisis and truly create a change in the trajectory we’re headed.

If you have the means, please take a moment to donate to a cause that will provide much needed relief to those who have lost so much in these current fires (Rogue Credit Union Relief Fund, United Way Mid-Valley Wildfire Relief Fund, Red Cross [select Western Wildfires in the dropdown]), and be mindful of how we can all do our part to help get our future back on track so our kids’ children’s grandkids can have a safe, hospitable home planet to live on.

-Adam Hooper, CEO

Weekly Metrics

20192020Rent Payments Collected by May 6th81.7%80.2%Rent Payments Collected by June 6th81.6%80.8%Rent Payments Collected by July 6th79.7%77.4%Rent Payments Collected by August 6th81.2%79.3%Rent Payments Collected by September 6th81.2%76.4%*Data brought to you by NHMC Rent Payment Tracker

CurrentPrior Week Change10 Year Treasury0.672%-0.049%DOW27,534.58-758.15S&P 5003,339.19-115.87Unemployment Rate8.4%--Total US COVID-19 Cases6,401k+237kTotal US COVID-19 Tests94,730k+5,140k*Metrics as of 11am EST on Friday, September 11

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Latest Podcast

Exploring The Future Of Real Estate

Steve Weikal, Head of Industry Relations at the MIT Center for Real Estate, joined us on the podcast to discuss the latest research coming out of MIT regarding the future of real estate.

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A Times Square icon is closing its doors permanently.

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Taco Bell, Shake Shack and Burger King are among the restaurant chains who have introduced new designs inspired by the pandemic and its impact on consumer behavior.

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Walmart to test drone delivery of grocery, household items

Bentonville, Arkansas-based Walmart said the test would start on Wednesday in Fayetteville, North Carolina, with cloud-controlled drones picking up and dropping off select items.

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Walmart to test drone delivery of grocery, household items

Bentonville, Arkansas-based Walmart said the test would start on Wednesday in Fayetteville, North Carolina, with cloud-controlled drones picking up and dropping off select items.

Read Now

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