More renters are falling behind in their payments due to the pandemic.
About 19% of apartment renters nationwide hadn't made this month's payment as of June 6, according to the latest data from the National Multifamily Housing Council, which represents major apartment landlords.
Almost 90% of renters around the country made their April payments � the first full month that the COVID-19 pandemic impacted the economy.
Late rent payment rates so far in June are running about 1% higher than they were a year ago � not a huge increase but apartment owners expect the delinquencies to rise if unemployment remains high.
"These are trying times for the country, and we are reminded on a regular basis how crucial safe and secure housing is during a period of uncertainty and upheaval, so we are glad to see that residents who live in professionally managed properties continue to pay their rent," Doug Bibby, National Multifamily Housing Council president, said in the report.
Apartment owners are concerned that rent payments will decline further when federal unemployment payment assistance expires in July.
"There are serious signs of economic dislocation outside of our reporting universe that underscore the need for Congress to pass a direct rental assistance program and extend unemployment benefits before it's too late," Bibby said.
