A major survey of rental payments across America’s market-rate multifamily landlords shows more apartment tenants made full or partial rent payments as of May 13 than at the same time in April
The National Multifamily Housing Council’s Rent Payment Tracker found 87.7 percent of apartment households made a full or partial rent payment by May 13 in its survey of 11.4 million units of professionally managed apartment units across the country, a 2.1 percent year-over-year increase and a 2.7 percent month-over-month increase.
Since early April, states’ unemployment systems have processed millions of applications for assistance, which are being padded with an additional $600 per person courtesy of federal emergency aid.
The NMHC’s survey covers a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price, but by its nature often excludes units managed by part-time and other smaller landlords and is weighted towards higher-end properties.
“Once again, despite the economic and health challenges facing so many, we have found that apartment residents who live in professionally managed properties are meeting their obligations,” NMHC President Doug Bibby said in a statement. “But it’s important to understand that our metric does not capture rent payments for smaller landlords or for affordable and subsidized properties. These excluded properties are the ones more likely to house residents experiencing financial stress.”
The NMHC is lobbying for direct government subsidies to help renters meet their monthly payments, but a federal bill that would do this faces an uncertain future in the Senate after passing the House on May 15.