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Special Report


April 13, 2020

The economic and capital market disruption from the COVID-19 virus will take months to measure. In response to recent events, IPA designed a survey to gauge the market sentiment and activity of multifamily developers across the United States. The respondents of the survey have 597 multifamily projects in the development pipeline totaling 186,969 units.


IPA’s collaborative, data-driven culture is designed to deliver real-time, actionable insights of real estate capital markets. Global response to COVID-19 is ongoing, and policies to curb the contagion and mitigate its economic impacts are communicated regularly. IPA will periodically survey multifamily developers to gauge their sentiment during the COVID-19 response and recovery. 

For more about this survey and other real time market insights please contact one of our Institutional Property Advisors.

How has the impact of COVID-19 affected the timing of the following (please answer gauged on your overall portfolio):

Category No Change Less Than 3 Months Between 3 to 6 Months Greater Than 6 Months
Survey Period April 3 April 3 April 3 April 3
Development Pipeline Capitalization (equity & debt) 9.89% 12.09% 62.64% 15.38%
Stabilization of Projects in Lease-Up 6.90% 27.59% 50.57% 14.94%
The Completion Date of Assets Under Construction 21.84% 48.28% 27.59% 2.30%
Closing of Land Positions 10.99% 23.08% 42.86% 23.08%

What reduction in projected value would your firm accept for a pre-sale today?

COVID-19 Reduction in projected value graph

How much of a discount would your firm require to purchase an entitled land site today?

COVID-19 Entitled land discount graph

Please answer the following based on the past 30 days’ activity at assets in lease-up (please answer gauged on your overall portfolio):

Category No Change Decrease of 1%-10% Decrease of 11%-20% Decrease of 21%-30% Decrease of 31% or more Increase
Survey Period April 3 April 3 April 3 April 3 April 3 April 3
Website Traffic 14.81% 18.52% 28.40% 9.88% 16.05% 12.35%
Prospective Resident Touring Activity 0.00% 9.41% 11.76% 16.47% 62.35% 0.00%
Prospective Resident Applications 1.20% 16.87% 19.28% 20.48% 42.17% 0.00%
Conversion Ratio 18.75% 20.00% 15.00% 5.00% 17.50% 23.75%

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