The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 86.9 percent of apartment households made a full or partial rent payment by August 13 in its survey of 11.4 million units of professionally managed apartment units across the country.
This is a 2.0-percentage point, or 222,543 -household decrease from the share who paid rent through August 13, 2019 and compares to 87.6 percent that had paid by July 13, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.
“At a time when the country is continuing to face a pandemic and suffering from a recession, lawmakers in Congress and the Trump administration must come back to the table and work together on passing comprehensive legislation in the next COVID-19 relief package,” said Doug Bibby, NMHC President.
“While NMHC’s Rent Payment Tracker continues to show that many residents have continued to meet their monthly housing obligations, that is due in large part to the relief enacted under the CARES Act. With that support now having expired more than two weeks ago, households across the country are grappling with even greater financial distress. We strongly urge Congressional leaders and administration officials to extend critical unemployment benefits and create a rental assistance fund so that America’s tens of millions of apartment residents can remain safely and securely housed.”
The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. While the tracker is intended to serve as an indicator of resident financial challenges, it is also intended to track the recovery as well, including the effectiveness of government stimulus and subsidies.
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, including the methodology, on the NMHC Rent Payment Tracker here.