Housing Industry Finds Unexpected Strength in Certain Products in the Face of COVID-19 and Recession
October 07, 2020 by Despite the challenges posed by COVID-19 and the recession, the housing industry has shown unexpected resilience in specific market segments, as discussed during the Housing Trends and Outlook session at the ULI Virtual Fall Meeting. Moderator Timothy Naughton of AvalonBay Communities noted the lack of comparable situations for learning. Panelists highlighted that while the single-family housing market experienced a temporary slump, demand quickly rebounded, particularly in suburban and commuter areas. Connie Emmitt-Stern of Resmark Companies emphasized the strong pre-pandemic housing market and the surprising buyer confidence during the lockdown. Dionne Nelson of Laurel Street Residential pointed out the relative stability of mixed-income housing despite the pandemic’s severe impact on low- to middle-income households, attributing some resilience to subsidies. Mary Ann King of Moran & Company discussed the unique geographic disparities in this recession compared to 2008, noting that suburban markets fared better due to lower density and less reliance on public transit. The session also covered the current transaction and investment environment, future opportunities in 2021, the affordable housing crisis, and the role of PropTech in the industry.