COVID-19 April Rent Payment Report: As Rent Payments Dip, Operators Turn To Payment Plans

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Our April Rent Payment Report aims to inform apartment operators and the wider multifamily industry about important rent behavior trends during the COVID-19 crisis. Read below for a brief summary of key findings.

April Rent Payment Report Shows Fewer Full Payments, More Partial Payments

While full rent payments made on April 1 returned better-than-expected results, we observed a 5% decline in full rent payments over the trailing five day grace period. Partial rent payments showed 6% growth across all markets, while major metro areas like Seattle and Los Angeles saw measurable decreases in total rent paid at -10% and -9%, respectively.

The COVID-19 public health emergency appears to be the driving force behind a nationwide movement towards partial rent payments, as operators deploy deferred rent payment plans to residents and waive resident fees.

Our full COVID-19 Rent Payment Report provides insights on:

  • Changes in rent payment behavior for the month of April
  • Notable shifts towards partial payment behavior 
  • Adoption of COVID-19 deferred payment plans
  • Comparisons and trends across major metro areas
  • Behavior and impact by asset class

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