Wednesday, September 23, 2020

NMHC: Rent Payment Tracker Shows Decline in Households Paying Rent in September

by Calculated Risk on 9/23/2020 12:26:00 PM

From the NMHC: NMHC Rent Payment Tracker Finds 90.1 Percent of Apartment Households Paid Rent as of September 20

he National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 90.1 percent of apartment households made a full or partial rent payment by September 20 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is a 1.7-percentage point, or 192,936-household decrease from the share who paid rent through September 20, 2019 and compares to 90.0 percent that had paid by August 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.

“This morning’s results show the real-world impact of lawmakers failing in their responsibilities to their constituents,” said Doug Bibby, NMHC President. “Almost 200,000 households have been unable to pay their September rent. Congress and the Trump administration have a proven model in the CARES Act that supported apartment residents through the early months of the pandemic. Now is the time for them to show leadership by once again supporting the millions of Americans who call an apartment home by enacting meaningful rental assistance and mitigating, to some degree, the negative consequences of the nationwide eviction moratorium which jeopardizes the stability of the nation’s housing finance system.”
emphasis added
NMHC Rent Tracker Click on graph for larger image.

This graph from the NMHC Rent Payment Tracker shows the percent of household making full or partial rent payments by the 20th of the month.

CR Note: This is mostly for large, professionally managed properties.  It appears fewer people are paying their rent this year compared to last year - down 1.7 percentage points from a year ago.

Declining, but not falling off a cliff.