Thursday, October 08, 2020

NMHC: Rent Payment Tracker Shows Households Paying Rent Unchanged in October

by Calculated Risk on 10/08/2020 10:08:00 AM

From the NMHC: NMHC Rent Payment Tracker Finds 79.4 Percent of Apartment Households Paid Rent as of October 6

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.4 percent of apartment households made a full or partial rent payment by October 6 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 October 6, 2019 and compares to 76.4 percent that had paid by September 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.

“Our initial findings for October show that despite ongoing efforts by apartment community owners and operators to help residents facing financial distress through creative and nuanced payment plans, rent relief and other approaches, renters and the broader multifamily industry are confronting growing challenges,” said Doug Bibby, NMHC President.
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 6th of the month.

CR Note: This is mostly for large, professionally managed properties.  There could be some timing issues, but rent payments are not falling off a cliff.