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NMHC Rent Payment Tracker Finds 76.6 Percent of Apartment Households Paid Rent as of January 6
The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 76.6 percent of apartment households made a full or partial rent payment by January 6 in its survey of almost 11.3 million units of professionally managed apartment units across the country.
This is a 1.7 percentage point, or 192,613 household decrease from the share who paid rent through January 6, 2020, and compares to 75.4 percent that had paid by December 6, 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.
“While there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” said Doug Bibby, NMHC President,. “The recently passed COVID relief package included $25 billion in desperately needed rental assistance as well as expanded unemployment insurance. Now, it is critical that those funds reach those in need as quickly and efficiently as possible.
“What’s more, it is clear that is only a down payment on the financial support that will be necessary to make apartment residents and owners and operators whole – Moody’s Analytics has estimated that back rent debt had reached $70 billion by the end of 2020 alone.
“With the Biden-Harris administration soon to begin, NMHC looks forward to working with them and Members of Congress on further support to help struggling households and keep the nation’s apartment sector stable. As we reach the beginning of the end of the pandemic, now is not the time to risk deepening the housing challenges facing the nation.”
Explore the Data
**Unit counts may change to reflect refinements to the methodologies and changing occupancy levels due to move in-move out the activity.
* These figures are as initially reported; these are calendar days, so the specific day of the week can have an affect on these reported figures, as leasing offices can have reduced hours or be closed on those days, creating potential delays for payment processing.
The NMHC Rent Payment Tracker is a cumulative data tool. Approximately every other week, the PMS providers submit two data points to NMHC: the percentage of apartment households that paid their rent for a specific time period and the total number of occupied units in their data universe (see exclusions listed above). Data is submitted on the following schedule: week one: from the first day of the month through COB on the 6th; from the 1st through COB on the 20th and finally from the 1st through the last day of the month, giving us a monthly data point for the “percent who paid”. To recap, the “percent who paid” number will increase each week, until we reach our final “percent who paid” number for the month (see below for how partial rent payments are addressed).
When establishing the initial dates for the Rent Payment Tracker, NMHC wanted to track when rent was officially “late” and used the close of business on the 5th as that date. After consultation with property managers and data providers, we were informed that a variety of dates are used to determine when rent is considered late, with some saying rent isn’t late until as late as the 10th. In addition, those that use the 5th as their deadline reported that many people pay on the last day possible and that some of those payments aren’t posted until the 6th. Based on this information, NMHC adjusted its methodology to make the close of business on the 6th the deadline for the first week. Moving this date also moved all other reporting dates by one day.
Source: NMHC | NMHC Rent Payment Tracker