Friday, January 08, 2021

NMHC: Rent Payment Tracker Shows Households Paying Rent Decreased 1.7% YoY in Early January

by Calculated Risk on 1/08/2021 11:02:00 AM

The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 76.6 percent of apartment households made a full or partial rent payment by January 6 in its survey of almost 11.3 million units of professionally managed apartment units across the country.

This is a 1.7 percentage point, or 192,613 household decrease from the share who paid rent through January 6, 2020 and compares to 75.4 percent that had paid by December 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 there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” said Doug Bibby, NMHC President, “The recently passed COVID relief package included $25 billion in desperately needed rental assistance as well as expanded unemployment insurance. Now, it is critical that those funds reach those in need as quickly and efficiently as possible.
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.

This is mostly for large, professionally managed properties.  

The second graph shows full month payments through December.

NMHC Rent TrackerThis shows a decline in rent payments year-over-year, and somewhat more of a decline over the last several months.

CR Note: There are some timing issues month to month, but rent payments appear to be declining.