Apartment Rent Collections Continue to Decline
New data tracked a significant decline in households paying rent, which comes on the heels of other research highlighting distress in the multifamily segment.
September 17, 2020 | Rayna Katz | GlobeSt.com
Multifamily fundamentals continue to show signs of distress in the wake of the widespread job and economic losses created by the Coronavirus.
The latest report from the National Multifamily Housing Council’s Rent Payment Tracker, which measures the number of apartment households that make a full or partial rent payment, shows a drop of 2.4%—or 279,457 households—year-over-year, as well as a monthly decline. According to the NMHC Tracker, 86.2% of apartment households made a full or partial rent payment by September 13, compared to 86.9% that paid by August 13 of this year. The survey measures 11.4 million units of professionally managed apartment units across the country.
“While it remains clear that many apartment residents continue to prioritize their housing obligations and that apartment owners and operators remain committed to meeting them halfway with creative and nuanced approaches, the reality is that the second week of September figures shows ongoing deterioration of rent payment figures—representing hundreds of thousands of households who are increasingly at risk,” said NMHC president Doug Bibby in prepared comments.
