Rental payments improve in February after stimulus payments

Monthly survey of 11.6M rental units showed slight uptick from January

National /
Feb.February 09, 2021 03:45 PM
(iStock/Illustration by Alexis Manrodt for The Real Deal)

(iStock/Illustration by Alexis Manrodt for The Real Deal)

In the first week of February, 79.2 percent of renters in 11.6 million market-rate units paid all or some rent.

That’s a slight uptick from last month, when 76.6 percent of renters made a payment by the first week of the month. It’s also an improvement from December, when landlords reported the lowest rent collection levels since the start of the pandemic.

But compared to the same period last year, 216,479 fewer households paid rent — a 1.9 percentage point decrease.

The National Multifamily Housing Council has published its findings each month since April 2020, providing a snapshot of the health of the multifamily market. The survey does not include student or military housing, subsidized affordable apartments, public housing or rent-regulated units.

“As we approach almost a full year of navigating the pandemic and the resulting financial distress, we remain encouraged by the Covid relief package passed at the end of 2020 that included critical support for apartment residents and the nation’s rental housing industry such as $25 billion in rental assistance, extended unemployment benefits and direct payments,” said NMHC president Doug Bibby.

The slight uptick from January comes after Congress passed a relief bill in December that included $600 payments to households and $25 billion in rent relief, which is distributed to states and large localities according to population.

New York will receive $1.3 billion of that federal aid for rent relief despite having a disproportionately large share of the nation’s renters. And New York City will receive only 19 percent of that $1.3 billion, despite having 63 percent of the state’s renters, according to an analysis by the Association for Neighborhood and Housing Development.

Democrats, who now control both houses of Congress, have pledged to send additional direct payments to low-income households, in addition to providing federal funding for state-administered rent relief, as part of a $1.9 trillion relief package.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    2111 Frederick Douglass Boulevard and 214 West 109th Street, two buildings as part of the portfolio (Photos via Google Maps; StreetEasy)
    Black Spruce eyes $700M+ valuation for multifamily portfolio
    Black Spruce eyes $700M+ valuation for multifamily portfolio
    Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
    Canadian pensions, Asian wealth funds eye single-family home rentals
    Canadian pensions, Asian wealth funds eye single-family home rentals
    A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
    RXR makes $220M apartment bet in Brooklyn
    RXR makes $220M apartment bet in Brooklyn
    BHS CEO Bess Friedman, Sotheby’s CEO Philip White REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
    Broker fee ban an “error,” court rules
    Broker fee ban an “error,” court rules
    New Jersey Gov. Phil Murphy (Getty)
    NJ order tapping security deposits to pay rent is back in court
    NJ order tapping security deposits to pay rent is back in court
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...