Apartment rent payments continued to decline in December. As of December 10, rent collections were down 24% from March collections, according to research from Rentec Direct, which aggregates rent collection data to analyze the impact of the pandemic.
Rent payments continue to trend well below March collections; however, payments have improved since September 2020, when collections were 35% below March and a record low for the pandemic. In October collections were down 28%, and in November, payments were 27% below March.
Whether or not payments will continue to improve in December is still in question. Rents payments are already down 24% in the first 10 days of the month, generally a good indicator of payment activity. However, the increase in COVID-19 cases across the country and the absence of a new a stimulus plan has put more pressure on renters to make payments.
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Kelsi Maree Borland
