Rent Collection For Mid-Market Multifamily Looks Solid For Spring, But Summer Could Be Another Story
The unprecedented number of job losses this spring unsettled the multifamily industry, and stakeholders are hungry for data on rent payment. A survey of more than 11.5 million units conducted by National Multifamily Housing Council found 84% of renters made full or partial rent payment by mid-April, and now a local survey has brought some additional good news.
According to Essex Realty Group, 64% of Chicagoland multifamily property owners and managers reported collecting more than 90% of the rent owed for April, while another 32% collected between 70% and 90%. The company surveyed regional property owners and managers who together are responsible for more than 35,000 units, most in Class-B and Class-C buildings scattered across Chicago and its suburbs.
“When businesses started to shut down in mid-March, I think most people thought at best 50% to 60% of the rent would be paid,” Essex principal Steven Livaditis said.In the first few days of April, that’s roughly where things stood, but after that first weekend,…
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