NMHC: 90.8% of Renters Paid So Far in May

U.S. apartment rent payments are continuing to inch forward in the month of May. The National Multifamily Housing Council reports that 90.8% of renters have paid through May 20, rising from 87.7% as of May 13 and 80.2% as of May 6. In the information that RealPage provided for this research, the past week’s payment results continue to follow the same patterns seen earlier in the month. Collections are running a little stronger in Class A and B projects than in Class C properties. The best payment rates are in economies where government, defense and technology employers are prevalent, whereas collections lag in hospitality-heavy economies. The most challenged spots for rent payments include New York, New Orleans and Las Vegas, while there’s a notable slide (-5 percentage points) in collections relative to the year-ago level in Los Angeles.