COVID-19 and the associated efforts to contain it have dealt a sudden blow to the US economy. Like all businesses, apartment owners and operators are assessing the impact on their industry.
Apartments are a relatively resilient asset class that has outperformed other real estate types in each of the last recessions.1 However, some analysts have raised concern about "workforce" apartments because low-wage industries, such as restaurants and hospitality, have been particularly affected by social distancing.
Our research brings us to a different conclusion. While no type or class of apartment is immune to an economic downturn, the data presented below indicates that more affordable apartments may be best positioned to weather the current downturn.
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