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Tuesday, March 09, 2021

NMHC: Rent Payment Tracker Shows Households Paying Rent Decreased 4.1% YoY in Early March

by Calculated Risk on 3/09/2021 01:07:00 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 March 6 in its survey of 11.6 million units of professionally managed apartment units across the country.

This is a 4.1 percentage point, or 474,942 household decrease from the share who paid rent through March 6, 2020 and compares to 79.2 percent that had paid by February 6, 2021. This data encompasses a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.

“On behalf of the multifamily industry, we are deeply appreciative of how leaders in Congress and the Biden administration worked with us to develop legislation that will deliver direct financial support to those facing distress due to the pandemic,” 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 compared to the same month the prior year.

This is mostly for large, professionally managed properties.  

The second graph shows full month payments through February compared to the same month the prior year.

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.