The National Multi-family Housing Council announced its Rent Payment Tracker for September showed only 76.4% of US households renting apartments made a full or partial rent payment by September 6.
That number is down from 79.3% in August 2020 and is the lowest since the beginning of the COVID-19 pandemic. This decline coincides with the ending of the $600 weekly federal unemployment subsidy.
Some states have resumed giving an additional $300 per week subsidy paid for by the federal government for a limited time. This may lead to an uptick in rent collections for October 2020.
In May through September 2019, the rent collection rate was above 81% every month and below this level for 2020.
NMHC President Doug Bibby said in a statement:
“Falling rent payments mean that apartment owners and operators will increasingly have difficulty meeting their mortgages, paying their taxes and utilities and meeting payroll. [It] did nothing to help renters or alleviate the financial distress they are facing. Federal policymakers would have been better advised to continue to provide support as they successfully did through