These days, rent collection data is among the most highly reviewed monthly reports. However, the strength of rent payments during the pandemic really depends on what outlet you're reading. For June, Lease Lock has reported rents are down 6% compared to pre-COVID levels; the National Multifamily Housing Council is reporting that June rents are on par with 2019 collections to date; and Apartment List reports that 30% of tenants are not able to make a complete rent payment.

The inconsistencies come down to two factors: First, some outlets are counting only full rent payments, not partial payments. Second, each research outlet is looking at a different segment of the market. "The goal of our survey is to get as broad and representative of a sample as possible. By just looking at collections data, you might focus on larger, professionally managed buildings that skew more expensive and tend to have higher-income residents that may find it easier to pay rent," Rob Warnock of Apartment List tells GlobeSt.com.

Apartment List uses data from smaller mom-and-pop landlords in addition to some larger landlords, giving a different market perspective. "Our survey captures some of those residents, but should also capture renters in a broader set of housing situations, like those renting from mom-and-pop landlords," says Warnock. "We suspect that's part of the reason why our missed payment rate tends to be higher than what's reported by other sources."