More Renters Up-To-Date on Payments – or Close To It

In the latest monthly study from Apartment List, the authors “expect that nine-in-10 renters will pay their September rent in full by the end of the month.”

NEW YORK – In the wake of a nationwide eviction moratorium and lapsed unemployment supplements, many renters still struggle to make housing payments. According to a monthly rental study conducted by Apartment List, 10% of renters failed to make their full August payment by the end of the month, and 1-in-6 started September owing $1,000 or more in missed rent.

However, “These figures reflect a slight and surprising improvement from August,” says Chris Salviati, Apartment List’s housing economist. He says part of the reason could be the loss of previous renters who moved out and currently live with families or friends.

In the first week of September, 32% of renters had not fully paid their rent bill. In addition, 10% of renters had not fully paid their bill from August.

“Based on the consistency of this trend in prior months, we expect that 9-in-10 renters will pay their September rent in full by the end of the month,” the report states.

Key findings

• 31% of renters began September owing rent for previous months. Among those with accumulated pandemic rent debt, almost half owe less than $1,000.

• Rent debt is more common among Black and Hispanic renters: 41% of Black renters and 48% of Hispanic Renters still owe rent from the spring and summer months.

• Renters are making significant financial sacrifices to stay afloat. Among renters that have fallen behind on payments, 30% report running up credit card debt, 31% sold off assets, and 16% dipped into retirement savings.

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