June Rent Payments Hit 81 Percent
- Jun 09, 2020
Rental payments in the U.S. reached 80.8 percent as of June 6, according to the latest report from the National Multifamily Housing Council.
The figure represents a slight increase from last month’s numbers. By comparison, by the same time last month, 80.2 percent of renters had made a payment, while 81.5 percent of rental households had made a payment through the same time period last year.
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While the numbers are encouraging for the industry, they do not reflect payment data for smaller landlords and affordable and subsidized housing properties across the country, as NMHC has previously pointed out.
But the figures do offer a helpful look at the how payments are faring for millions of units across the country that are professionally managed. The data was pulled from a survey of 11.5 million units at properties that vary widely by size, type and average rental price. This report is the latest in the series from the NMHC Rent Payment Tracker, an initiative that partners with industry firms Entrata, MRI Software, RealPage, ResMan and Yardi.
Last month, a New York City-based landlord group representing close to 4,000 owners of rent-stabilized properties reported that residential rental income was down more than 20 percent at its members’ properties, while commercial tenants at the same properties had paid just 34 percent of rental payments.
NMHC and other industry groups have continued to push for more rent relief legislation from Congress. A recent report from data and analytics firm Amherst found that more than 60 percent of households in the U.S. have not received any housing relief from the government. Relief needed for renters in the U.S. has been estimated to be between $76 billion and $100 billion.
“There are serious signs of economic dislocation outside of our reporting universe that underscore the need for Congress to pass a direct rental assistance program and extend unemployment benefits before it’s too late,” said NMHC President Doug Bibby in prepared remarks.
“According to the Harvard Joint Center for Housing Studies, nearly a fifth of households with at-risk wages in small multifamily apartments may have difficulty paying rent. In addition, 32 percent of renter respondents to the Census Bureau’s Household Pulse Survey reported no or slight confidence in their ability to pay next month’s rent.”