The multi-family real estate market is moving forward in a dynamic fashion that continues to evolve weekly. Social distancing, on-line apartment tours, and less person-to-person interaction will be the new norm in this highly people-oriented industry. However, we feel investor demand will return to be pre-COVID-19 strength once the Tri-State opens backup for business.Buyers will continue to actively invest in multi-family because interest rates are the lowest in history, allowing extremely favorable financing for acquisitions. In addition, the recent volatile stock market will shift more equity into stable multi-family investments which will keep capitalization rates low. Even though COVID-19 has had a negative impact on construction lending, the resulting reduced supply of new apartments will create more demand for existing apartments and will keep prices for those properties high.The universal truth will remain that renters will continue to rent. We expect longer tenant retention because renters will be less likely to move post-COVID-19 to avoid new contacts and to avoid unnecessary credit implications.