As your market leader in Long Beach fourplexes, we are tracking statistics, trends, and important information affecting Long Beach 4-plexes. In this 2020 Quarter 1 Market Update, we will discuss:
- COVID-19 Rent Collection
- Increased Long Beach 4-plex Inventory
- Market Response to COVID-19
- Rent Repayment Forms for Owners
1. COVID-19 Rent Collection
-Surveyed largest property management companies in Long Beach.
-Less than 5% of tenants made partial payments or no payments.
-Over 95% of tenants were able to pay normal rent in April.
-May rent collections will give a better indication of impact of COVID-19 on tenants.
2. Increased 4-Plex Inventory
-End of February, 2020: 23 active fourplexes in Long Beach.
-As of April 17, 2020: 35 active fourplexes in Long Beach.
-Increase of over 52% in “active” inventory.
-Factors contributing to increase:
-COVID-19 and economic uncertainty
3. The Market Is Still Active
-There are still buyers out there.
-Our firm put a 4-unit property on Cherry Avenue into escrow at full price during the current COVID-19 pandemic.
-We listed a property on Orange Ave. on Tuesday, April 14th and had a strong offer within 24 hours.
-There will be a housing shortage long after the COVID-19 pandemic subsides. Real estate remains a sound investment.
4. COVID-19 Rent Repayment Forms
-Two forms owners should have:
-Apartment Association Rent Repayment Agreement
-CAR (California Association of Realtors) Rent Repayment Form
5. Stay Tuned for Quarter 2 of 2020
-We will know on COVID-19’s impact to the 4-plex market after Quarter 2
-We will monitor and track this on your behalf and provide another market update for you.
Stay safe and healthy! We're in this together!