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Six Must Reads for the CRE Industry Today (May 11, 2021)

Eighty percent of U.S. households living in professionally-managed apartments made a full or partial rent payment for May by the end of last week, reports NMHC. The Wall Street Journal looks at the cities that have seen outsized growth during the pandemic. These are among today’s must reads from around the commercial real estate industry.

  1. NMHC Payment Tracker Finds 80.0 Percent of Apartment Households Paid Rent “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.0 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.7 million units of professionally managed apartment units across the country. This is a 0.1 percentage point decrease from the share who paid rent through May 6, 2020 and compares to 81.7 percent that had been paid by May 6, 2019. This data encompasses a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.” (NMHC)
  2. Therapy on Aisle 7: Retailers Are Entering the Mental Health Market “Finding a therapist can be a tough and time-consuming process involving multiple phone calls, waiting lists and insurance hurdles. But what if you were able to walk into your corner drugstore for a bottle of shampoo and also had the option of scheduling a walk-in session for mental health treatment?” (The New York Times)
  3. The Breakout Cities on the Forefront of America’s Economic Recovery “The pandemic is accelerating growth in midsize cities, positioning them to lead the charge in the nation’s economic rebound. Even before Covid-19, these rising stars—such as Greenville, Des Moines, Iowa, and Provo, Utah—had been quietly building out vibrant economies in the shadow of bigger metropolises. During the pandemic, they have drawn workers and businesses with large and affordable homes, ample access to outdoor space and less congestion.” (The Wall Street Journal)
  4. Marriott Points to Rising Demand Amid COVID-19 Vaccine Rollout “Marriott International Inc. MAR -2.49% swung to a loss for the first quarter, though it pointed to rising demand in the U.S. and Canada, its largest region, as Covid-19 vaccine rollouts accelerated. The hotel chain on Monday posted a net loss of $11 million, compared with a profit of $31 million in the same period last year. Adjusted earnings were 10 cents a share, ahead of Wall Street estimates.” (The Wall Street Journal)
  5. Primark to Open Stores at Two Macerich Centers “The value-priced Irish retailer will open at two Macerich centers: Tysons Corner Center, Tysons, Va., and Green Acres Mall, Valley Stream, N.Y. The new leases further expand Macerich's relationship with Primark, which currently has three stores in the company’s portfolio: Danbury Fair Mall, Danbury, Conn.; Freehold Raceway Mall, Freehold, N.J.; and Kings Plaza, Brooklyn. A fourth, a two-level flagship on Market Street in Fashion District Philadelphia, is under construction and expected to open later this year.” (Chain Store Age)
  6. The Bay Area Housing Production Plummeted in 2020. Here’s a Look at the Trend by County “Housing production continues to plummet in the Bay Area. For the second year in a row, the number of new units built declined in California overall, with the Bay Area seeing sharper decreases in in home-building than the rest of the state.” (San Francisco Chronicle)
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