Rental collections for the month of June have been stronger than expected with close to 80% of residential tenants paying at least some rent in June’s first. However, this could be a temporary rise with federal unemployment benefits set to expire after July. Overall it’s a slight increase from the month prior.
The survey does not include subsidized units, single-family rentals, privatized military housing, or student housing, which could explain why New York City saw 25% of its renters not making any payment in the month of May.
One community bank said that April’s collections in rent-stabilized apartments were at half the normal levels, while market-rate apartments collected closer to 80 percent.
“For now, residential rent collections are in a holding pattern, bolstered by enhanced employment benefits and one-time relief payments from the U.S. Treasury as part of the federal CARES Act.”