CoronavirusReal Estate

Number of incomplete rent payments rise 93% during pandemic

Nationwide, 42% of landlords said they did not receive rent in full in May

As more rent payments are made incomplete or not at all, Avail said that the total number of incomplete rent payments rose 93% between March and May.

Avail said that nationwide, about 22% of landlords said they did not receive rent in full in March, while 33% did not receive rent in full in April and 42% did not receive rent in full in May.

This is the case for about 60% of landlords, who said they didn’t receive a full rent payment in May because their tenants could not pay or did not pay.

As there is no help for renters offered by the government, 10% of landlords said they offered tenants a discount on rent and 12% said they offered a rent deferment.

In New York, where Gov. Andrew Cuomo just extended the eviction moratorium, 29% of landlords said they did not receive a full rent payment in March. By May, that number shot up to 53%.

In the Golden State, 25% of landlords in California said they did not receive rent in full in March, while 41% said they did not receive rent in full in May.

In Louisiana, about 57% of landlords said they didn’t receive full rent payments in April, but decreased to about 45% in May.

Michigan landlords saw the same results as Louisiana, as 50% said they didn’t receive a full rent payment in April, but that decreased to 43% in May.

Out of the landlords who own just one unit, just 11% said they didn’t receive full rent in March. That increased to 19% in April and 26% in May.

The landlords who own more than 50 units missed the most rent from March to May. Fifty-eight percent of those in this cohort reported that they didn’t receive full rent payments in March. By April, this number increased to 74%, and by May, it increased again to 86%.

According to The National Multifamily Housing Council’s latest Rent Payment Tracker, 80.2% of apartment households still managed to make a full or partial rent payment by May 6.

Nearly 61% of households in the U.S. remain vulnerable to the economic aftershocks of COVID-19, according to housing market research from Amherst.

Although middle- and low-income renters are among those most affected by the pandemic, government assistance has mostly been geared toward homeowners.

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