NMHC Rent Payment Tracker Finds 12 Percentage Point Decrease in Share of Apartment Households that Paid Rent by April 5
WASHINGTON--(BUSINESS WIRE)--Apr 8, 2020--
The National Multifamily Housing Council (NMHC) found a 12-percentage point decrease in the share of apartment households that paid rent through April 5, in the first review of the effect of the COVID-19 outbreak on rent payments. The 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.
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.
Register for today’s NMHC Rent Tracker Payment webinar here.
Find more information on the NMHC Rent Payment Tracker here.
NMHC is proud to partner with the following firms on this initiative:
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The methodology behind the NMHC Rent Payment Tracker can be found here.
This survey is one of a number of NMHC-produced resources focused on the COVID-19 outbreak. Additional resources, data and materials can be found here.
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the trillion-dollar apartment industry. We bring together the prominent apartment owners, managers and developers who help create thriving communities by providing apartment homes for 40 million Americans. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at firstname.lastname@example.org, or visit NMHC’s website atwww.nmhc.org.
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SOURCE: National Multifamily Housing Council
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PUB: 04/08/2020 09:42 AM/DISC: 04/08/2020 09:42 AM