A report from Curbed New York. "During what would have normally been the busiest season for rentals, new listings are flooding the market to far less demand. July saw 30 percent more rental listings across the city but 35 percent fewer leases signed compared to the same time last year, according UrbanDigs. And landlords finally seem to be capitulating to renters looking for lower prices. According to StreetEasy, 34.7 percent of all Manhattan rentals got a discount from April through June, with a median cut of 6.7 percent (or $221) per month."

"'I think everybody is kind of looking at lease renewals with a little bit more of a critical eye,' says Robert Khederian, a Compass agent who has recently helped several clients renegotiate their leases. 'Renters have the upper hand right now.'"

"Remember to be courteous. A good way to end the email or conversation with your landlord or property manager, Khederian suggests, is something like this: 'I am willing to re-sign, and I really enjoy living here, but [my research] indicates that the value of my apartment has changed; can we please agree upon a price that reflects a fair market value for my apartment?'"

The Dallas Morning News in Texas. "Less than 80% of U.S. apartment residents had made their August rent payments as of last week. Apartment landlords are keeping an eye on the info because of the surge in unemployment. The recent expiration of hundreds of dollars in weekly federal assistance for jobless Americans has been a big worry for the industry."

"'Over the past few months apartment residents have largely been able to meet their housing obligations,' said David Schwartz, chairman of the National Multifamily Housing Council,. 'In no small part, this is due to the enhanced unemployment benefits enacted under the CARES Act and significant steps by apartment owners and operators to help their residents. These unemployment benefits that have proven so important to so many households have now lapsed, meaning greater financial distress for millions and the potential worsening of America’s housing affordability crisis.'"

"The apartment industry is lobbying Congress to continue to provide support with new legislation. A larger share of Dallas-Fort Worth residents are keeping up with their rent payments. As of last week, about 86% of local renters had made their August rent, according to data from Richardson-based RealPage."

"'Apartment collections in early August are largely in line with the results posted during the previous few months, but the interruption of enhanced unemployment benefits creates near-term concerns,' said RealPage market analyst Adam Couch. 'The additional unemployment benefits provided by the CARES Act allowed many households to stay current on their rent obligations in recent month, but has now run its course.'"

The Press Telegram in California. "Betty Ordaz, 55, is one of almost 1,000 Los Angeles County tenants facing a renewed threat of eviction in the coming weeks while tens of thousands of other renters in the region with unpaid rent are still protected under eviction moratoriums being extended at city and county levels. Ordaz falls into a category of tenants who are being 'legally evicted' because her case pre-dates the COVID-19."

"Eviction attorney Dennis Block said the Sheriff’s Department posted five-day notices to vacate on 13 properties owned by his clients and carried out lockouts on six of them. He estimated that those landlords lost from $10,000 to $22,000 per unit. 'The loss to landlords is insane,' Block said. 'The financial burdens of the pandemic are being put … on the shoulders of landlords.'"

From Socket Site in California. "With listing activity having spiked, the weighted average asking rent for an apartment in San Francisco has dropped another hundred dollars ($100), or roughly 3 percent, over the past two weeks and is now down to a little under $3,600 a month, continuing a trend which shouldn’t catch any plugged-in readers by surprise."

"While $3,600 a month still isn’t 'cheap,' it’s over 10 percent or $500 per month cheaper than just five months ago, 17 percent ($700) cheaper than at the same time last year and nearly 20 percent ($850) cheaper than a 2015-era peak of around $4,450 per month. And the average asking rent for a one-bedroom in the city is now back under $3,100 a month, having peaked at closer to $3,700, as well. At the same time, offers of complimentary rent and cash concessions haven’t waned, driving effective rents down even more."

The Los Angeles Times in California. "Lenders are turning away freelancers and small-business owners who have lost clients or projects during the last four economically challenging months, mortgage experts say. The new rules haven’t made refinancing impossible for freelancers, but they have made it dramatically more difficult."

"'Lenders used to simply require a current-year tax return to verify self-employment income,' said Steven Foster, owner of Pasadena mortgage brokerage Vista Financial Advisors. 'Now you need to show bank statements for the past two months to prove that your income hasn’t been hurt.' If it has, you may need to jump through hoops to get qualified based on assets or a low debt-to-income ratio."

From Seattle PI in Washington. "It may have taken half a year, but Seattle’s placid condominium market finally got a boost in July. After months of sluggishness, condo sales and inventory supply improved substantially. For condos buyers and sellers, sales have been slower, particularly in the downtown core where the majority of condos are located. Listings remain on the market longer and currently 35% of all active condo listings in Seattle have taken a price reduction."

"Plus, inventory has steadily risen all year. In July there were 741 Seattle condo listings for sale, which was 5.9% more than the same period last year and 21.3% more than last month. For some perspective, that’s the most listings we’ve had in a single month since November 2011. And, that’s just the NWMLS listed condo inventory. There are thousands more presently under construction, though not available for immediate purchase."

The Post Independent in Colorado. "Development plans could move forward for about 400 homes in the Lakota Canyon area after the Basalt-based Romero Group acquired the property for about half its appraised value. Located near New Castle, the Lakota Canyon Golf Club and 122 acres of land designated for residential development were purchased in a bankruptcy auction for $1.5 million, said Dwayne Romero, Romero Group president and CEO. 'It was a very good deal,' Romero said. 'Especially considering it was appraised in the high $3 million range.'"

"Previously owned by Warrior Acquisitions LLC, the company filed for a Chapter 11 bankruptcy after failing to make a $500,000, semi-annual interest payment in 2019."

From McKnight's Senior Living. "Many of Georgia’s assisted living communities — which often are private-pay — also have been experiencing significant financial struggles due to COVID-19, according to the Atlanta Journal Constitution. Atlanta has one of the most overbuilt markets for senior housing in the country, with the second lowest occupancy rate among the 31 major metro markets, according to a report last month by the National Investment Center for Seniors Housing & Care."

"Occupancy has shrunk at many facilities, further squeezing finances. State figures show that half the beds are unoccupied at dozens of Georgia senior living communities as they remain on lockdown. Without federal assistance, many assisted living operators in Georgia and across the country could face 'an untenable financial crisis,' James Balda, CEO of Argentum, told the news organization. 'Over time, the strain is going to be significant,' Balda said."

From Multi-Family Biz. "33 Holdings LLC is excited to announce the acquisition of two multifamily properties, located in Birmingham, Alabama, for a purchase price of $3M. Acquired by its subsidiary, 33H Fund II LLC - It’s Distressed & Foreclosure Residential Fund, the portfolio purchase represents the first acquisition by 33 Holdings LLC (33H) outside of Atlanta, GA as it expands its investment footprint into other South East US States."

"The properties in the portfolio, include 128 Units of Garden Style Apartments, located within five miles of each other and three miles from downtown Birmingham and consists of one, two and three-bedroom garden-style apartment homes. Both properties were approximately 30% occupied at purchase and were foreclosed last year by the lender. 33H started discussions on this acquisition in December 2019 with the Seller/Lender and signed the contract in January 2020 slated for March 2020 closing after extensive due diligience."

"Due to the Global Pandemic hitting the US in March 2020, lenders backed out of the deal causing the parties to re-evaluate, re-negotiate and re-underwrite the deal. After extensive underwriting to Post-COVID19 world, 33H decided to move forward on the deal given they were acquiring a pre-covid19 foreclosed asset at post covid-19 pricing."