The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi
Washington, D.C. - The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.8 percent of apartment households made a full or partial rent payment by April 6 in its survey of 11.6 million units of professionally managed apartment units across the country. This marks one year of tracking rent payment data following the onset of the pandemic.
This is a 1.9 percentage point increase from the share who paid rent through April 6, 2020 and compares to 82.9 percent that had been paid by April 6, 2019. This data encompasses a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.
“This month’s data is more evidence of a recovering economy and the resilience of the multifamily industry,” said Doug Bibby, NMHC President. “While we are not out of the woods yet, there is light at the end of the tunnel. The recently passed American Rescue Plan included $26 billion in rental assistance as well as billions more of housing resources that will prove critical to keeping families safely and securely housed and the nation’s rental housing sector stable.
“As we look forward to growing housing demand and a return to normalcy, it is imperative that temporary policies put in place in response to the pandemic are carefully considered. Specifically, the current extension of the national eviction moratorium should be the last. Moratoriums do not address the underlying financial stress of apartment residents; instead, they force households to accumulate insurmountable levels of debt.
“The industry and its residents have weathered the last year with creativity, compassion and dedication. Now is the time for lawmakers to move ahead with policies aimed at solving the housing affordability challenges that predated the pandemic.”
The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. While the tracker is intended to serve as an indicator of resident financial challenges, it is also intended to track the recovery as well, including the effectiveness of government stimulus and subsidies.
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.
NMHC is proud to partner with the following firms on this initiative:
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Find more information, including the methodology, on the NMHC Rent Payment Tracker here.
The NMHC Rent Payment Tracker FAQ can be found here.
This survey is one of a number of NMHC-produced resources focused on the COVID-19 outbreak.
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.