NMHC Tracker: 77% of Apartment Households Paid Rent by June 6

Article originally posted on Multifamily Executive on June 9, 2021

In its survey of 11.7 million units of professionally managed apartment units across the U.S., the National Multifamily Housing Council’s (NMHC’s) Rent Payment Tracker found that 77% percent of apartment households made a full or partial rent payment by June 6.

This is a 3.8 percentage point decrease from the share that paid rent through June 6, 2020, and compares with 81.6% that had paid by the same date in 2019. The NMHC noted that since June 5 and 6 fell on a weekend in 2021, it may not be a direct comparison to last year’s figures.

This data, provided by Entrata, MRI Software, RealPage, ResMan, and Yardi, encompasses a wide variety of market-rate rental properties across the U.S., which can vary by size, type, and average rental price.

“Today’s data is the most recent indicator of a strengthening economy, a recovering job market, and robust demand in the apartment industry,” said NMHC president Doug Bibby. “Having weathered the worst of the pandemic, we can say with increasing confidence that the outlook for the multifamily sector is as positive as it has been in years.”

While the long-term view is encouraging for the multifamily industry, challenges remain. Rising construction cost care making it increasingly difficult to bring affordable apartments to the market, and more firms are reporting significant challenges in finding labor, delaying construction, according to Bibby.

“Finally, federal lawmakers should be applauded for passing legislation that resulted in almost $50 billion in rental assistance funds—a top industry priority. This comes as the industry continues to work alongside its residents to keep them stably housed, setting up payment plans and helping those in need secure rental assistance,” he added. “However, a national eviction moratorium remains in effect. The continuation of this policy will ultimately only serve to place insurmountable levels of debt on already struggling households. We have much to look forward to, but these challenges are real and need to be dealt with urgently.”