South Florida multifamily was one of the healthiest real estate sectors but hasn’t been spared by the coronavirus outbreak as newly unemployed workers can’t pay their rent. This is expected to  push rents down possibly by as much as 6%, a drop not seen since the Great Recession.

The near-freeze in operations at hotels, stores and restaurants also has extended to transportation and warehouses serving airports, construction and cruise lines. This translated to a near-overnight spike in unemployment.