A Look at Who Didn’t Pay Their Rent This Month
April 9, 2020 | Erika Morphy | GlobeSt.com
In its debut rent tracker report, the National Multifamily Housing Council reported that 69% of households had paid their rent, either partially or in full, by April 5, compared to 81% that had paid by March 5, 2020. The rent tracker is based on data from 13.4 million rental apartments. The association has partnered with several firms to create this metric, including RealPage, Yardi and Entrata.
This increase in nonpayment comes as little surprise given the millions of people thrown out of work over the past month. With more layoffs and furloughs expected, the metric provides some insight into how the unfolding coronavirus crisis might affect the apartment industry on a wider scale.
First of all, a caveat: the NMHC notes that technical issues could make the historical comparisons imprecise. These include varying days of the week on which data are collected, companies’ differing payment collection policies and residents’ ability to deliver payments to the office or by mail due to the shelter-in-place orders and the closure of leasing offices.
