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.”