The COVID-19 pandemic has driven renters to seek more space and cheaper rents in the suburbs.

Some buyers that want to keep properties affordable are hoping to snap up assets that otherwise might be converted to market rate units if they fall into other investors' hands.

The median monthly rate for a studio apartment in the city fell by 31 percent year-over-year, compared to a 0.5 percent decline nationally.

Terms are becoming more stringent on the financing deals that are closing amid the COVID-19 crisis.

Last month, 10.6 percent of the city’s apartment tenants missed a rent payment, more than double the rate of a year earlier.

The fund will seek to deliver annual returns of 13 to 15 percent after fees by developing single-family and multifamily rentals outside gateway markets.

Landlords are growing more desperate as they struggle to fill apartments, offering months of free rent.