Rent Payments Reach 89 Percent
The latest numbers from NMHC offer a glimpse into the performance of 11.5 million multifamily units across the country.
Rental payments in the U.S. hit 89 percent as of June 13, a jump of more than 8 percent from the previous week, according to the latest report from the National Multifamily Housing Council.
By comparison, during the same time period last year, 88 percent of renters paid full or partial rent payments by June 13, 2019. The figure is a 1.3 percent increase from the share of rental payments tracked during the same time period last month. Last week’s report from NMHC, which gave the first look at June’s numbers, showed that 80.8 percent of renters had paid by June 6.
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.
Meanwhile, landlords and landlord groups across the country have sued over eviction moratoriums enacted in response to the coronavirus pandemic, seeking to overturn the bans on the grounds they are unconstitutional.
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.
“Once again, it appears that residents of professionally managed apartments were able to largely pay their rent,” said NMHC President Doug Bibby in prepared remarks. “However, there is a growing realization that renters outside of this universe are experiencing profound hardships as the nation continues to grapple with historic unemployment and economic dislocation.
“In the midst of a pandemic and a recession, it is critical that those on the front lines are safely and securely housed. Accordingly, we urge lawmakers to take swift action to create a Rental Assistance Fund and extend unemployment benefits so we can avoid future eviction-related problems and don’t undermine the initial recovery.”