In a survey of over 11.5 million professionally managed market-rate apartment households, the National Multifamily Housing Council’s Rent Payment Tracker has found that 86.8% of households had made a full or partial rent payment by Oct. 13.
This marks a 2.4 percentage point, or 271,000-household decrease from the share of renters who had made a full or partial payment through Oct. 13, 2019. Last month, 86.2% of renters had made a payment by Sept. 13.
“While the broader multifamily industry continues to show its resilience at a national level, other metrics in the industry are beginning to highlight the growing localized financial distress due to inaction by political leaders in Washington,” says Doug Bibby, president of NMHC. “NMHC calls on policymakers in both parties and on both ends of Pennsylvania Avenue to work together to break the current stalemate and pass meaningful legislation to support the tens of millions of Americans who rent an apartment home and to ensure the stability of the rental housing sector. Perceived quick fixes like eviction moratoriums do nothing to solve the underlying economic problems residents are facing and could jeopardize the stability of the housing market and the financial health of our communities. Congress and the administration must act to avert a future housing crisis.”