The coronavirus, or COVID-19, has “brought a technical end to the 11-year bull market” in equity and bond markets, according to the Yardi Matrix National Multifamily Report for February 2020.
The virus’ spread has disrupted airline traffic, conference schedules, cultural events, and daily activities. Drastic quarantine and social distancing measures, especially in Italy and Wuhan, China, have taken effect to slow the disease’s spread and ease the burden on health care facilities. In addition, as of March 11, Donald Trump has instituted a 30-day ban on travel to the U.S. for all European citizens. As a result, the economy is likely already experiencing a “technical recession,” with the travel, restaurant, and tourist industries expected to take the hardest hit.
Read more...COVID-19 Expected to Slow Rental Market for 3 to 6 Months via Multifamily Executive Magazine