Amidst COVID-19, incomes for new renters signing leases in market-rate apartments hit a record high in August at $64,104 and remained up year-over-year through September. The data – sourced directly from applications for new lease signers – paints a much healthier picture than what has been portrayed in media reports and helps support high demand and collections numbers. Incomes for new renters initially plunged in April – when very few people were signing leases – and have surged since then. Note that this data reflects only income at the time of application, so it’s highly unlikely that CARES benefits and unemployment would be included, since most market-rate property managers require an income stream beyond government benefits.
