Apartment rent payments continued their downward drift in August. But the industry's eyes are focused on September, as states try to fill in the gap from expired unemployment benefits provided by the CARES Act.
The number of households paying rent through August 27 stood at 92.1%, down from 93.3% in July and 94.2% in June, according to the National Multifamily Housing Council's Rent Payment Tracker. The rate was down 1.9 percentage points year-over-year from August 2019′s 94%.
August was the first month that unemployed Americans went without the extra $600 a week provided by the March 2020 CARES Act. President Trump has authorized states to disburse $300 a week from the Federal Emergency Management Agency and invited states to chip in another $100.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Scott Graham
Scott Graham focuses on intellectual property and the U.S. Court of Appeals for the Federal Circuit. He writes ALM's Skilled in the Art IP briefing. Contact him at [email protected].
