A study by the National Multifamily Housing Council (NMHC) using data provided by 5 leading property management software (PMS) providers found a 12-percentage point decrease in the share of apartment households that paid April rent through during the first 5 days of the month. The study is part of NMHC’s first review of the effect of the COVID-19 outbreak on rent payments. The NMHC Rent Payment Tracker found 69 percent of households had paid their rent by April 5. This compares to 81 percent that had paid by March 5, 2020, and 82 percent that had paid by the same time last year.
“The COVID-19 outbreak has resulted in significant health and financial challenges for apartment residents and multifamily owners, operators and employees in communities across the country,” said Doug Bibby, President of NMHC. “However, it is important to note that a large number of residents met their obligations despite unparalleled circumstances, and we will see that figure increase over the coming weeks. That is a testament to the quick, proactive actions taken by NMHC members who put forward bold solutions.”
The NMHC Rent Payment Tracker reflects data from 13.4 million units across the country. The Tracker will be updated on a weekly basis with new data released every Wednesday.
The PMS providers partnering with NMHC on this initiative are:
NMHC and its data partners are committed to providing comparable data for context. However, noteworthy technical issues may make historical comparisons imprecise. For example, factors such as varying days of the week on which data are collected; individual companies’ differing payment collection policies; shelter-in-place orders’ effects on residents’ ability to deliver payments in person or by mail; the closure of leasing offices, which may delay operators’ payment processing; and other factors can affect how and when rent data is processed and recorded.
Find more information on the NMHC Rent Payment Tracker or to view the webinar where the first week’s results were presented, click here.
The methodology behind the NMHC Rent Payment Tracker can be found here.