Affordable Housing Rent Payments Increase

ByTMN Editor Reading Time: 1 minute

More tenants in affordable housing made payments in October than in any month since early in the pandemic, according to a report released Monday by MRI Software.

MRI’s report found:

  • Rent payments increased to 82 percent of the prior year, the first month since June since the rate was over 80 percent.
  • Collections in public housing dropped slightly in October to 94 percent year over year, compared to 98 percent in September. 
  • Move-outs in affordable housing decreased by 17 percent year over year, leading to higher occupancy rates for the sector.
  • Move-ins, at 92 percent of last year’s volume, affected the rates to a lesser extent.

“The pandemic will continue to affect trends in both sectors,” said Brian Zrimsek, Industry Principal at MRI Software. “If a vaccine becomes widely available, we can expect unemployment rates, and, in turn, financial pressures on tenants, to decrease.  A stimulus package would also influence collections.”