94.6% of apartment households make full or partial rent payment in October

Community , COVID-19 News , Industry ,
While the number of renters making a full or partial rent payment looks good initially, organizations are hoping renters get more rental assistance in the future.

 

Austin Apartment Association EVP, Emily Blair speaks on the subject.

AUSTIN, Texas — As the pandemic continues with unemployment still impacting many lives, rent is at the top of mind for some. But the numbers are continuing to hold consistent for the amount of apartment tenants making a full or partial rent payment.

According to the National Multifamily Housing Council, which tracks rent payments for around 11.4 million apartment units across the country, 94.6% of apartment households have made a full or partial rent payment for the month of October, as of Oct. 27. It's a number that's higher than past months since May.

“The importance of the initial support provided to apartment residents by the CARES Act is becoming increasingly clear,” said Doug Bibby in the report.

Bibby is the president of the National Multifamily Housing Council (NMHC), who added that more financial support is needed to continue to the healthy rent payment numbers.

"However, that support has now long since expired and the savings households were able to build are evaporating quickly. NMHC continues to urge lawmakers to come together and pass meaningful assistance to support renters and keep America’s rental housing sector stable," Bibby said.

The Austin Apartments Association, which represents 267,000 units over 1,100 properties, said landlords are continuing to work with their tenants on applying for rental assistance.

"You know, I talked to the property managers on a regular basis, who are sitting with their applicant, their residents, working through the application with them and, you know, really working alongside them to find a solution," said Emily Blair, the executive vice president of the Austin Apartments Association. "So we got the whole industry from small owners to larger properties. The need is across all different types of renters."

She added there is a mounting concern if another round of stimulus is passed or negotiated on for those who need it.

"I think concern is mounting a little bit now that that has all expired and people maybe reach the end of some of their savings accounts. We definitely have a need mounting for continued rental assistance," Blair said. "We're hoping that their focus will definitely turn very quickly after the election."