The National Multifamily Housing Council's rent payment tracker found that 77.4% of apartment dwellers paid at least some of their rent as of July 6. The tally was down 2.3% from 2019 and was a decline from the 80.8% who made full or partial payments during the prior month.
American Homes 4 Rent, which has about 53,000 suburban houses, is well-positioned as the pandemic and various economic factors make these properties particularly appealing. As part of its effort to expand its portfolio, the company is building thousands of homes intended for the rental market.
The pandemic has taken a toll on renters, with Aspen Institute data showing that some 23 million people could be at risk of eviction by the end of September. In contrast, the purchase and sales side of the housing market has shown momentum recently, according to Realogy CEO Ryan Schneider.
Strong demand has sent lumber and plywood prices soaring, with lumber futures up more than 85% since April 1, leading share price gains for such companies as Weyerhaeuser Co. Pent-up demand from home builders and a surge in do-it-yourself projects have helped drive the gains.
Sur La Table is seeking bankruptcy protection and plans to close 56 of its 121 stores. Other stores will be sold to affiliates of Fortress Investment Group.
Data from Placer.ai suggests a positive future for New York City's retail sector, with numbers from the middle of June indicating a "turning point" for some apparel retailers. "There are many positive signs that indicate a rebound is en route and 'normalcy' could be within reach," the analytics firm said.
The number of Manhattan apartments available for rent climbed above 10,000 last month, up 85% on a year-over-year basis, a report from Miller Samuel and Douglas Elliman found. The vacancy rate hit a record 3.67%, and average rental prices were down 8% for the month.
Lexington Realty Trust bought the 617,000-square-foot Florida Crossroads Logistics Center in Ocala, Fla., in a deal worth $58.4 million. Amazon signed a 10-year lease for the building in 2019.
Bed Bath & Beyond will permanently shutter about 200 of its approximately 1,500 stores, with the closures expected to start this year. Sales fell by almost half in in the most recent quarter, but online sales surged in April and May.
Driven by e-commerce, demand for industrial real estate could grow by 1 billion square feet by 2025, a JLL report says. It forecasts that the country will need another 100 million square feet of facilities for cold storage.