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

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