Apartment rent payments continued their downward drift in August. But the industry's eyes are focused on September, as states try to fill in the gap from expired unemployment benefits provided by the CARES Act.
The number of households paying rent through August 27 stood at 92.1%, down from 93.3% in July and 94.2% in June, according to the National Multifamily Housing Council's Rent Payment Tracker. The rate was down 1.9 percentage points year-over-year from August 2019′s 94%.
August was the first month that unemployed Americans went without the extra $600 a week provided by the March 2020 CARES Act. President Trump has authorized states to disburse $300 a week from the Federal Emergency Management Agency and invited states to chip in another $100.
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Scott Graham
Scott Graham focuses on intellectual property and the U.S. Court of Appeals for the Federal Circuit. He writes ALM's Skilled in the Art IP briefing. Contact him at [email protected].
