May 1st Apartment Rent Payments Match April Numbers

LeaseLock Rent Chart

May Day apartment rent payments are promising, according to early rent collections data from LeaseLock. First-day rent payments in May increased slightly compared to first-day payments in April. More than 15% of renters paid in full on the first in both April and May, according to the report. The trend shows that renters that can afford to pay rent are prioritizing the payment.

“The people that pay on the first of the month are very reliable,” Derek Merrill, CEO and co-founder of LeaseLock, tells GlobeSt.com. “Those people are still paying their rent, and there was even a slight uptick in people that are paying on the first. That could be attributable to a number of things, but as long as people have the money, it looks like they are prioritizing paying rent. That is a really good thing because the big worry is first if they have they money, and second, if they do have the money, how they are prioritizing their housing expense.”