Thursday, October 15, 2020

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

by Calculated Risk on 10/15/2020 11:20:00 AM

From the NMHC: NMHC Rent Payment Tracker Finds 86.8 Percent of Apartment Households Paid Rent as of October 13

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 86.8 percent of apartment households made a full or partial rent payment by October 13 in its survey of 11.5 million units of professionally managed apartment units across the country.

This is a 2.4-percentage point, or 271,000-household decrease from the share who paid rent through October 13, 2019 and compares to 86.2 percent that had paid by September 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.

“While the broader multifamily industry continues to show its resilience at a national level, other metrics in the industry are beginning to highlight the growing localized financial distress due to inaction by political leaders in Washington,” 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 13th of the month.

CR Note: This is mostly for large, professionally managed properties.  

There has been some decline in households paying rent, but rent payments are not falling off a cliff.