W e are living through his- toric and unprecedented times. Never before have we experienced the level of economic uncertainty that exists today due to the impacts of the novel coro- navirus. While our economy is naturally cyclical, and there have been numerous downturns in the past, we have never experienced the massive and immediate spike in unemployment, both nation- ally and here in Colorado, that we have experienced in the past sev- eral weeks. This is because we have never before vol- untarily “turned off” large sectors of the economy. In recent days, our clients and other members of the multifam- ily industry have reached out to ask what we think will happen in the Denver mar- ket in the com- ing months. And while there is no shortage of ana- lysts providing updates and offer- ing predictions, the simple truth is that no one really knows. Ini- tial reports about rental collections ranged widely depending upon property type, with newer properties experienc- ing relatively little delinquency and older properties reporting more significant delinquency. The National Multifamily Hous- ing Council reported that 84% of apartment households made a full or partial rent payment by April 12 nationally, compared to 91% that paid rent by March 12, and 90% that paid rent by April 12 Please see Page 28 INSIDE Positive outlooks for long-termmarket health, but many brace for a short-term bumpy period Market outlooks Colorado has a high demand for on-site gyms, but what renters will pay for one varies Gyms in demand PAGE 25 Industry reps and associations discuss how they’re dealing with the impacts of COVID-19 Pandemic spotlight PAGES 16-21 May 2020 PAGES 4-10 Cary Bruteig, MAI Principal, Apartment Appraisers & Consultants Impacts frompreviousmacroeconomic downturns Scott Rathbun Consultant, Apartment Appraisers & Consultants Apartment Appraisers & Consultants Unsurprisingly, vacancy has increased in the wake of previous major macroeconomic events.