September 18, 2020
Rent collection in affordable housing continues to lag as the pandemic wears on, according to the latest report from Solon, OH-based proptech firm MRI Software. Year-over-year collection rates in public housing remain comparatively high. Meanwhile, tenants in both sectors are staying in place.
Brian Zrimsek, industry principal at MRI, attributed the divergence between rent collection rates in affordable and public housing to the deeper rental subsidies provided in public housing. One factor contributing to tenant stasis is lockdowns, especially in larger urban areas, where many affordable and public housing sites are located.
Zrimsek noted, though, that applications and moves are down not only in affordable and public housing, but also in conventional housing. “If economic pressures persist across asset classes, we could see increased demand for affordable and public housing from tenants now in market-rate housing and even from homeowners,” he said.
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