June Rent Stats Stabilize as Employment Picture Improves

Since the COVID-19 pandemic began, LeaseLock has been tracking its effects on rent payments.
Using actual transaction data sourced in real-time from multifamily property management systems, we have completed our analysis of rent payments through the June grace period (June 1-5). Below is a summary of our major findings:
June Rent Payments Hold Steady
The total percent of rent collected during the June grace period was 55%. That’s the same percent that was collected during the May grace period.
 
The June figure does represent an increase of two percentage points from the same time in April, but it’s also six percentage points below the total rent collected during the average pre-COVID grace period.
 
National Multifamily Housing Council President Doug Bibby said in a statement, “These are trying times for the country, and we are reminded on a regular basis how crucial safe and secure housing is during a period of uncertainty and upheaval, so we are glad to see that residents who live in professionally managed properties continue to pay their rent,”
 
Class C Payments Stabilize
This spring saw a major drop in rent payments among Class C residents, due in part to the wave of service industry lay-offs in April.

According to LeaseLock, during the average pre-COVID grace period, 46% of Class C renters paid their full rent. The figure dropped all the way to 31% in April and 27% in May.
 
In June, 26% of Class C residents paid their full rent during the first five da……