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.
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: