Tuesday, June 23, 2020

NMHC: Rent Payment Tracker Finds 92 Percent Paid Rent as of June 20th, Same Pace as in June 2019

by Calculated Risk on 6/23/2020 01:02:00 PM

From the NMHC: NMHC Rent Payment Tracker Finds 92.2 Percent of Apartment Households Paid Rent as of June 20

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 92.2 percent of apartment households made a full or partial rent payment by June 20 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is unchanged from the share who paid rent through June 20, 2019 and compares to 90.8 percent that had paid by May 20, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.

“With the support of expanded unemployment benefits, stimulus funds and significant efforts by apartment community owners and operators to help residents impacted by the outbreak of COVID-19 and resulting financial hardships, it seem most renters were once again able to meet their obligations,” said Doug Bibby, NMHC President. “The early steps taken by lawmakers have proven critical to keeping many safely and securely housed. As we move forward and the economy begins to recover, it will be vitally important that lawmakers continue to support the nation’s renters and forestall even greater economic harm.”
emphasis added
CR Note: It appears most people are still paying their rent.   This was a higher percentage than in May (at the same point in the month), and unchanged from the same date a year ago.

Several disaster relief programs have clearly helped renters pay their bills, such as the extra $600 per week in extra unemployment insurance, the PPP, and the Pandemic Unemployment Assistance (PUA). The PPP has been modified, but will need to be extended. And the $600 per week in extra benefits ends at the end of July (and will need to be extended, perhaps at a lower rate).

The PUA program with 9.3 million participants (mostly self-employed), expires at the end of 2020, but these individuals have also been receiving the extra $600 per week that expires in July.