According to the National Multifamily Housing Council’s rent payment tracker, 79.3 percent of apartment households paid rent as of August 6th in its survey of 11.4 million units of professionally managed apartment units.
This is a 1.9 percentage point decrease from those who completed their rent payment through August 6th, 2019, and compares to 77.4 percent paid by July 6th, 2020. Experts believe the enhanced unemployment benefits from the CARES Act are responsible for the continued rent payments.
Despite the July 31st deadline for the additional $600/week unemployment aid, and eviction moratoriums behind us, renters are still paying rent. There is currently newly proposed legislation that is to grant a second stimulus package and continued unemployment benefits that could contribute to rental relief.
Matthews™ is committed to keeping the commercial real estate community informed and continuing to offer our services during these market changes. With updates and challenges released daily, please contact a Matthews™ specialized agent for guidance during this uncertain time, and for more insights on COVID-19 and CRE, visit our dedicated coronavirus website.