Rental Payments Slow Down in Early July, Fall to 77 Percent

Rental Payments Slow Down in Early July, Fall to 77 Percent

The National Multifamily Housing Council’s most recent rent tracker shows a decline in rental payments in early July compared to previous months.

The most recent July Rent Payment Tracker found 77.4 percent of apartment households made a full or partial rent payment by July 6 in its survey of 11.4 million units of professionally managed apartment units across the country.

“This is a 2.3-percentage-point decrease from the share who paid rent through July 6, 2019 and compares to 80.8 percent that had paid by June 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,” the NMHC said in a release.

More government assistance needed for renters and landlords for rental payments

“It is clear that state and federal unemployment assistance benefits have served as a lifeline for renters, making it possible for them to pay their rent,” said Doug Bibby, NMHC President, in the release.

“Unfortunately, there is a looming July 31 deadline when that aid ends.  Without an extension or a direct renter-assistance program, that NMHC has been calling for since the start of the pandemic, the U.S. could be headed toward historic dislocations of renters and business failures among apartment firms, exacerbating both unemployment and homelessness.”

Rental payments over the past two years
Chart courtesy of the National Multifamily Housing Council.

Rent Payment Tracker: 92.2 Percent of Apartment Households Paid Rent as of June 20

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