Apartment rent payments started to waver in early June,illustrating signs of growing economic disruption. April and Mayrent payments fell nominally—by about 4% for first-of-the-monthpayments—held up by landlord rent deferral programs and governmentassistance. In June, first-of-the-month payments fell another 2%, a6% decrease compared to pre-COVID rent collections, according toresearch from LeaseLock.

"In April and May, we did see a decrease from the average inrent-payment behavior, and between April and May, rent payments didhold steady, suggesting the renters who could pay were paying,"Rochelle Bailis, VP of marketingat LeaseLock, tells GlobeSt.com. "For June, this is the first timethat we are seeing a slight but notable crack in rent-paymentbehavior. That is the first time that has happened post-COVID."

The decrease in June rent is specific to first-of-the monthpayments. There will be a better picture of June rent trends at themid-month and, of course, at the end of the month. However, thefirst-of-the-month payments certainly represent a changing trend."We are talking about first-of-the-month payments," says Bailis."Those are people that are usually proactive; they have the money,and they pay the rent. Now, we are seeing people pausing todetermine where they are financially."