Today, May 28, 2020 I read an article written by Mary Salmonsen in Multifamily Executive Magazine
The National Multifamily Housing Council’s Rent Payment Tracker, which draws from rent collection activity in 11.4 million units of professionally managed market-rate housing, has found that 90.8% of apartment households made a full or partial rent payment by May 20.
This marks both a 2.2-percentage point drop in the share of Americans who had paid rent through May 20, 2019, and a slight rise over the 89.2% of households who had paid rent by April 20, 2020. Last week, 87.7% of American households had paid their rent by May 13.
According to the Bureau’s household pulse data survey, 80.3% of all renter households had made their rent payments on time in April, while 17.2% had not and 2.5% had their rent deferred. Of the respondents, one-third had no confidence, or only slight confidence, that they could pay rent the next month.
Management companies are being “flexible” with their renters, absorbing credit card fees and offering deferral or repayment plans. However, this translates into a loss of revenue for the operator. a “wave” of economic uncertainty and reduced cash flow for the sector, could “come to shore” in the third quarter.
The highest-performing assets are higher-end market-rate properties and Section 8 housing. The Section 8 residents, largely low-income seniors, are able to pay their subsidized rent on time thanks to Social Security, which provides them with a steady income. Low-income housing tax credit properties are “trailing” more, as they are un-subsidized rental properties occupied by working families hit hardest by the pandemic.
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