The results from the recent surveys of managers and homeowner leaders are in!
>>Access the complete “Community Associations & COVID-19 Impact” survey and additional research on economic indicators for community associations.
Here are some of the major findings from the more than 600 community association volunteers responding:
- According to the report, nearly 40% of association board members are “confident” their community’s budget will be fully funded as adopted through the end of the current budget year, and another 36% are “very confident.”
- One-third of respondents reported reducing expenses out of concern for future revenue, and nearly 50% expect assessment delinquencies will increase in 2020.
- More than 90% of community association homeowners are current paying their assessments—roughly the same percentage as late February, according to the survey. However, communities are seeing an increase in homeowner requests for assessment payment plans or forbearance as a result of the pandemic; roughly 20% of respondents reported that they’ve noticed an uptick.
Community association managers and board members responding to a separate CAI poll in late March said they took the following steps (among others):
- 80% closed common areas and amenities or postponed nonessential meetings and events.
- 68% encouraged social distancing in shared spaces, such as elevators and laundry facilities.
- 67% held board meetings through video or teleconference.
- 65% kept residents informed with updates from the community and local, state, and federal officials.
- 62% instructed extensive cleaning/disinfecting of frequently touched surfaces
CAI also evaluated the short-term economic impacts of the pandemic on community association managers and management companies in a separate survey conducted in late April.
- Of the more than 300 managers responding, 91% reported no change in their employment. And the vast majority (92%) of nearly 130 management company CEOs and senior executives reported that they have not yet had to furlough or lay off managers on their staff, but nearly 31% said they had been forced to reduce staffing levels for other employees in their company.