The National Multifamily Housing Council’s latest report on rent collections showed that nearly 80 percent of U.S. rental households made rent payments as of April 6.
The survey garnered responses from 11.6 million units of professionally managed apartments units across the U.S. and showed that 79.8 percent of them made full or partial rent payments by April 6. The latest figure was a 1.9 percent increase from those who paid rent through April 6, 2020 but was lower than the 82.9 percent of renters who paid rent by April 6, 2019.
However, compared to last month’s report that showed that 80.4 percent of rental households paid rent by March 6, the April numbers were roughly less than a percent lower, offering some signs of stabilization in the sector.
A CALL FOR HOUSING AFFORDABILITY POLICY
Doug Bibby, president of NMHC, said in prepared remarks that April’s numbers showed the resiliency of the multifamily industry as well as evidence that the economy was recovering. Bibby also noted in his prepared statement that the U.S. government recently passed the American Rescue Plan that included $26 billion in rental assistance alongside billions more in other housing resources.
The $1.9 trillion stimulus package was signed into law by President Biden on March 11 and also included $1,400 checks to many U.S. residents as well as an extension of the $300 per week federal unemployment benefits.
NMHC has now completed a year of rent collection surveys since the onset of the pandemic with the April report. Since then, the COVID-19 situation has created many challenges for renters and property owners including high unemployment numbers and an eviction moratorium.
The Centers for Disease Control and Prevention also recently extended the nationwide moratorium on evictions to the end of June. However, Bibby suggested in his prepared remarks that the current extension of CDC’s national eviction moratorium should be the last extension.
He explained in his prepared remarks that moratoriums only lead to accumulated debt and doesn’t equate to the passing of policies that address the housing affordability challenges that predated the pandemic.
