How's the Rental Market Looking These Days?
The National MultiFamily Housing Council's (NMHC) Rent Payment Tracker found that 90.6% of apartment households in the United States made a full or partial rent payment by October 20th. 90% doesn't sound too bad right? But what about the almost 10% who are not making rental payments at all? To put it in perspective, considering NMHC's survey pool is 11.4 million households, that's 1,071,600 households that did not make a rental payment at all whatsoever by October 20th.
Worse yet, that was a 1.8% decrease (199,224 households) from the share who paid rent through October 20, 2019. NMHC's Rent Tracker showed less and less renters have been paying rent since May of this year. Additionally, throughout the pandemic, the Census Bureau has conducted regular surveys of nearly 60 million rental households. In September it found that 16% of those households were behind on their rent - that's 9.6 million households! 22% of low-income renter households were not making payments - that's 13.2 million households!
Unfortunately, statistically, it looks like things may get worse for the rental market before they get better.