Apartment renters are continuing to make their monthly payments in the face of the pandemic.
Almost 88% of renters nationwide had made their May rents as of this week, according to the latest report from the National Multifamily Housing Council.
The apartment industry trade group has been closely tracking rent payments since the coronavirus shut down the economy in March.
More than 30 million Americans have lost their jobs since then.
Rent payments across the country as of May 13 were down about 2 percentage points from mid-April but are still well below the worst-case scenarios the apartment industry anticipated.
"Once again, despite the economic and health challenges facing so many, we have found that apartment residents who live in professionally managed properties are meeting their obligations," Doug Bibby, National Multifamily Housing Council president, said in the latest report. "But it's important to understand that our metric does not capture rent payments for smaller landlords or for affordable and subsidized properties.
"These excluded properties are the ones more likely to house residents experiencing financial stress."
With federal unemployment payments set to expire this summer, industry leaders warn more federal support will be needed.
"It's the only way to avoid adding a housing crisis to our health and economic crisis," Bibby said.
