Apartment Rent Collections Continue to Decline

Multifamily fundamentals continue to show signs of distress in the wake of the widespread job and economic losses created by the Coronavirus. 

The latest report from the National Multifamily Housing Council’s Rent Payment Tracker, which measures the number of apartment households that make a full or partial rent payment, shows a drop of 2.4%—or 279,457 households—year-over-year, as well as a monthly decline. According to the NMHC Tracker, 86.2% of apartment households made a full or partial rent payment by September 13, compared to 86.9% that paid by August 13 of this year. The survey measures 11.4 million units of professionally managed apartment units across the country.