Tuesday, November 10, 2020

NMHC: Rent Payment Tracker Shows Households Paying Rent Decreased 1.1% YoY in November

by Calculated Risk on 11/10/2020 12:21:00 PM

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.4 percent of apartment households made a full or partial rent payment by November 6 in its survey of 11.5 million units of professionally managed apartment units across the country.

This is a 1.1 percentage point, or 131,712 household decrease from the share who paid rent through November 6, 2019 and compares to 79.4 percent that had paid by October 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.

“November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to provide renters with some degree of security against the economic distress facing communities throughout the country,” 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 are some timing issues month to month, but rent payments are mostly holding steady - and not falling off a cliff.