Key Highlights
- According to latest survey by ApartmentList, 11% of renters and owners paid their rent or mortgage by end of first week in August
- 22% of renters and owners made no rental/mortgage payments
Nearly six months into the COVID pandemic, the share of homeowners and renters who’ve missed or been late with monthly housing payments is rising slightly. A recent survey by ApartmentList indicated that 11% of renters and homeowners had paid their rent or mortgage by the end of the first week in August. This percentage was just a slight decrease from last month’s percentages.
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Approximately 23% of renters and 21% of owners reported they had made no rent or mortgage payment by the first week in August, a slight increase from 19% in July. Compare, however, the 22% of non-payers in August to the just 12% of non-payers in April.
The National Multifamily Housing Council that tracks rent payments from some 11.5M households indicated that by August 20, some 90% had completed their monthly payments. The caveat? Each respective survey by ApartmentList and the National Multifamily Housing Council reported that households that make late payments were more likely to not make the next payment the following month.
When August rolled around, ApartmentList showed that 32% of renters and homeowners already owed money on missed or partial rent/mortgage payments. Among renters with housing debt, almost 50% have either negotiated (28%) or are in the process of negotiating (21%) an adapted rental plan. Negotiating rental plans are in the best interests of both the renter and the landlord as receiving some rent is better than none and paying some rent is better than homelessness.
Chances are that next month’s payments may be more difficult to make than August’s. Eviction protections in most places expire at the end of August. Plus, the emergency pandemic employment benefit of $600 expired in July and Trump’s executive order to extend that benefit at a lesser amount available to only some but not all jobless workers doesn’t cut it for the majority of jobless households.
Take a look at which renters/owners and at what level of monthly payment are among those with unpaid housing costs entering August:
Payment Amount Renters Owners
$0 – $999 15% 8%
$1,000-$1,999 11% 11%
$2,000-$4,999 4% 6%
$5,000+ 1% 7%
Thanks to ApartmentList and National Multifamily Housing Council.
Also read: Loans to First-Time Buyers Showing Record Delinquencies, Zip Codes with Highest Foreclosure Rates in July 2020, California Dreamin’ Redoux
