December NYC Apartment Rent Collections Drop To 79%

Photo credit: Bisnow/Kelsey Neubauer
Residential Buildings Along West End Avenue On The Upper West Side

More than a fifth of New York City renters haven’t paid December rent, a new survey shows.

Almost 21% of renters didn’t pay rent before Dec. 14, according to a Community Housing Improvement Program survey of landlords who own more than 80,000 units combined, up from 17% last month.

“[Landlords] have borne a significant financial burden as the government has done absolutely nothing to help them, and not nearly enough for their tenants. This cannot continue,” CHIP Executive Director Jay Martin said in a statement. “The government needs to step up and provide rental assistance to renters who cannot afford to pay, and give housing providers property tax breaks to offset their lost rent arrears.”

While rent collections went down, so did the vacancy rate, which hit 11.8% this month, down from 13.2% in November. Still, even with this shrunken vacancy, overall demand is down and landlords are offering concessions at high rates to get new tenants into their empty apartments. On average, landlords offered 1.61 months of free rent to entice new renters.

Landlords have faced rising costs alongside their falling revenues. Operating income for CHIP members is down over 22% this year while expenses have climbed 10%, respondents said.

The drop in rent collections comes weeks before both the statewide and federal eviction moratoriums are set to expire on New Year’s Day, while congressional lawmakers attempt to push a stimulus package through that could provide direct rental assistance. A lack of funding, even if the moratoriums are extended, could worsen the city’s affordable housing crisis and push small landlords to sell their properties.

“That has distributional impacts and could lead to way less affordable housing,” Urban Institute Policy Program Manager Kate Reynolds told Bisnow earlier this week.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

Mamdani Adds Millions To Program Helping Retailers Negotiate With Landlords