Apartment rent payments started to waver in early June, illustrating signs of growing economic disruption. April and May rent payments fell nominally—by about 4% for first-of-the-month payments—held up by landlord rent deferral programs and government assistance. In June, first-of-the-month payments fell another 2%, a 6% decrease compared to pre-COVID rent collections, according to research from LeaseLock.

"In April and May, we did see a decrease from the average in rent-payment behavior, and between April and May, rent payments did hold steady, suggesting the renters who could pay were paying," Rochelle Bailis, VP of marketing at LeaseLock, tells GlobeSt.com. "For June, this is the first time that we are seeing a slight but notable crack in rent-payment behavior. That is the first time that has happened post-COVID."

The decrease in June rent is specific to first-of-the month payments. There will be a better picture of June rent trends at the mid-month and, of course, at the end of the month. However, the first-of-the-month payments certainly represent a changing trend. "We are talking about first-of-the-month payments," says Bailis. "Those are people that are usually proactive; they have the money, and they pay the rent. Now, we are seeing people pausing to determine where they are financially."