Wednesday, July 15, 2020

NMHC: Rent Payment Tracker Finds Decline in People Paying Rent in July

by Calculated Risk on 7/15/2020 10:25:00 AM

Without further disaster relief, there will a significant housing and financial issue.

From the NMHC: NMHC Rent Payment Tracker Finds 87.6 Percent of Apartment Households Paid Rent as of July 13

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 87.6 percent of apartment households made a full or partial rent payment by July 13 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is a 2.5-percentage point decrease from the share who paid rent through July 13, 2019 and compares to 89.0 percent that had paid by June 13, 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.

“The government support, including unemployment benefits, that has proven so important to so many apartment residents expires at the end of the month,” said Doug Bibby, NMHC President. “Lawmakers need to continue to protect the individuals and families that call an apartment home. If action isn’t taken now we risk making the nation’s housing affordability challenges far worse, rolling back the initial economic recovery and putting tens of millions at risk of greater health and financial distress.”
emphasis added
CR Note: It appears fewer people are paying their rent compared to last year (down 2.5 percentage points from a year ago).   In the previous surveys, over the last few months, people were paying their rents at about the same pace as last year.   The disaster relief has been key to helping people pay their bills, especially the extra unemployment benefits and the PPP.