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May 2020 Rent Collections Exceed Expectations in Sarasota, Florida

May 2020 Rent Collections Exceed Expectations in Sarasota, Florida

May 14, 2020

Initial indications from property managers & owners in the Sarasota, Florida multifamily market are that May rent collections have far exceeded expectations.

For Class B & C apartments, and / or apartments that are considered “affordable” living without rent subsides, May 2020 rent collections have averaged between 75-85%. This range is slightly down from the April 2020 results, which came in around 90-95%, however, considering the unprecedented circumstances most agreed that these figures were very encouraging.

When asked, “what factor do they attribute these favorable results to specifically?” most professionals felt it was a direct result of CARES Act Stimulus checks being received by tenants at the perfect time. For many tenants who were laid off and/or furloughed, Stimulus checks provided a much-needed lifeline to pay rent and weather the storm, as many were still awaiting the unemployment funds.

With employment funds now starting to roll in, and businesses starting to reopen, many felt confident that June collections could surpass May or at the very least be on par with May.

Overall, the general feedback received from property managers & owners in the Sarasota Multifamily Market was extremely optimistic. Many felt that although the multifamily segment might have seemed vulnerable several weeks ago; however, it is further emerging as a steady ship in a sea of turmoil!

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