Make no mistake: Leasing traffic numbers are not good. They are bad.

Traffic to apartment property websites is down about 7.5% in the last week compared to the same period last year, measuring on a rolling seven-day sum on a same-store basis. Guest card counts plunged 27.5%. New lease signings over the same seven-day period plummeted an even deeper 40%.

But as bad as the numbers are, they aren’t as horrific as you might expect given quarantines, social distancing and mass job losses tied to the COVID-19 epidemic. Yes, leasing traffic has plummeted. But we’re comparing them to 2nd quarter 2019, one of the highest-demand periods of the high-demand era of the past decade. I wouldn’t have been shocked if the latest traffic and leasing volume numbers registered two or three times worse than they did.

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