Recession Proof Condominium Communities

The blog discusses the resilience of condominium communities during the COVID-19 pandemic and how they have remained recession-proof. Condo fees have remained stable and the need for people to have a place to live has ensured that owners continue to pay their fees. However, condo boards and management have had to deal with pandemic-related changes to their operations and systems, including requests for fee abatements or deferrals, and a growing number of owners failing to pay condo fees. Vendor arrangements have also been affected, with fewer vendors available to service condominium buildings. Management and boards must work harder to adapt to changing circumstances, which will impact the maintenance of high-rise buildings, the stability of condo fees, and the need to obtain additional funds through special assessments, loans or higher condo fees.