The HEROES Act, currently up for vote in the Senate, will provide more assistance, but there is serious doubt that it will pass. Short of another relief plan, June could be a mild indicator of rent collections later this year. "Between unemployment and the stimulus checks having been but more than a month ago now, I think renters are holding funds closer to the belt," says Bailis. "It isn't anything alarming yet, but it is a signal of what might come if other relief solutions aren't approved."

At the start of the pandemic, landlord-tenant partnership play a significant role in boosting rent collections before government stimulus funds and unemployment arrived. Those policies continue to play an important role, and the data—which shows increasing partial payments—suggests that landlords are continuing to execute those arrangements. "With our clients, we know they are proactively offering and pursuing payment plans and alternative payment arrangements," says Bailis. "We are not seeing any landlords falter in those plans, and they are still strongly motivated to keep residents who have fallen on hard times in-unit. However, this is an indicator that some residents aren't able to make those rent payments on the first of the month, which means that some people are only able to make a smaller payment than they were in the past."