Retail Rent Collections Increased in July
July rent collections for retail properties increased nearly 15% compared to June and 36% compared to May.
August 10, 2020 | Kelsi Maree Borland | GlobeSt.com
Retail rent collections increased in July compared to earlier months during the pandemic. According to data from Datex Property Solutions, retail rent collections were 68.8% in mid-July, a 14.7% increase compared to mid-June and a 36.6% increase compared to mid-May. The increase in rent payments was likely due, at least in part, to the initial re-opening of the economy as well as retailers learning to serve customers in the new market.
“As we have gotten our arms around how to re-open the economy in the face of an active pandemic, more retail categories have been able to return to partial or full operations,” Mark Sigal, CEO of Datex Property Solutions, tells GlobeSt.com. “This has enabled more retailers to generate income, and as we know, income is the oxygen needed to pay rent.”
