Monday, August 10, 2020

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

by Calculated Risk on 8/10/2020 09:07:00 AM

From the NMHC: NMHC Rent Payment Tracker Finds 79.3 Percent of Apartment Households Paid Rent as of August 6

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.3 percent of apartment households made a full or partial rent payment by August 6 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is a 1.9-percentage point, or 223,000-household decrease from the share who paid rent through August 6, 2019 and compares to 77.4 percent that had paid by July 6, 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.

“While President Trump announced executive orders relating to rental assistance and continued unemployment benefits, it is unclear when and if those resources will be available to families. NMHC continues to urge the Trump administration and Congressional leaders to restart negotiations and reach a comprehensive agreement on the next COVID relief package. It is critical lawmakers take urgent action to support and protect apartment residents and property owners through an extension of the benefits as well as targeted rental assistance. That support, not a broad-based eviction moratorium, will keep families safely and securely housed as the nation continues to recover from the pandemic.”
emphasis added
CR Note: This is for larger, professionally managed properties.  It appears fewer people are paying their rent this year compared to last year (down 1.9 percentage points from a year ago).   But this hasn't fallen off a cliff - yet - with the expiration of the extra unemployment benefits.