The additional $600 in unemployment benefits have expired, and apartment owners are concerned about how it will impact rent collections. Affordable housing developers in particular are susceptible to declining rent collections as a result of the expired benefits. Many apartment owners, including KIMC, have advocated for additional stimulus.

"I am certainly worried about it," Jonathan Needell, president and chief investment officer of KIMC, tells GlobeSt.com. "We are building a bridge over a ravine, but we don't know where the other end is. We need the stimulus so that we can keep laying bricks to get us across the ravine. Unfortunately, we are on a half-done bridge in the middle. So, we definitely need something. There are some non-profit groups and private groups paying rent for affordable housing, and they are good groups doing good work; but the unemployment benefits are a big deal."

While no new stimulus has been approved, the Senate is discussing options; however, all current options include a dramatic decrease to the current benefits. "I am worried more for the coasts than I am for the rest of the country," says Needell. "It seems like there will be support for $40,000 incomes and below, but the people that are $40,000 to $70,000 are the people that I am the most worried about."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.