Wednesday, July 22, 2020

NMHC: Rent Payment Tracker Finds Decline in People Paying Rent as of July 20th

by Calculated Risk on 7/22/2020 04:30:00 PM

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

From the NMHC: NMHC Rent Payment Tracker Finds 91.3 Percent of Apartment Households Paid Rent as of July 20

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 91.3 percent of apartment households made a full or partial rent payment by July 20 in its survey of 11.1 million units of professionally managed apartment units across the country.

This is a 2.1-percentage point decrease from the share who paid rent through July 20, 2019 and compares to 92.2 percent that had paid by June 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.

"The extended unemployment benefits and other government support that have proven critical to keeping apartment residents in their homes expire in just a few days,” said Doug Bibby, NMHC President. "Lawmakers are currently negotiating, but Members of Congress and Trump administration leaders need to understand that unless comprehensive action is taken now to protect the tens of millions of Americans who live in an apartment home, they risk destabilizing the nation's housing market, undermining the nascent economic recovery, and turning the ongoing health and economic crisis into a housing crisis."
emphasis added
CR Note: It appears fewer people are paying their rent compared to last year (down 2.1 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.