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August 27, 2020

90% of Apartment Households Paid Rent by August 20 Says NMHC

 

GlobeSt.com
By Carley Beckum

In their rent payment tracker, The National Multifamily Housing Council (NMHC) found that 90% of apartment households in the U.S. made either a full or partial rent payment by August 20.

NMHC surveyed 11.4 million units of professionally managed apartment units across the country. The results from August are down 2.1% compared to July where 91.3% paid rent by July 20. Although August was down from July, it is up .8% from April, which saw the lowest dip to 89.2% of rent collected by April 20. And as seen in the figure below, in 2019, 92.1% of apartment households had paid rent by August 20.

Since the CARES Act ended in July, which authorized an additional $600 in unemployment benefits, there has been concern whether it would affect if people could pay their bills or not. The COVID-19 pandemic caused a spike in unemployment rates as businesses shut down after mandatory shelter-in-place policies occurred. Today, the unemployment rate is 10.2%, according to the U.S. Bureau of Labor Statistics. Read more.

 
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