UPDATE 4/30: rent payments rise 8% to 91.5% during April (new details at end of article)
ORIGINALLY PUBLISHED 4/21
Disturbing information is developing regarding fake rent payment delinquencies of renters. Main stream media is widely reporting that one-third of renters could not pay rent for the month of April 2020. This fake news is being propagated by CNN, Wall Street Journal and Newsweek and others. Although all the news organizations provide the name of the source, they misrepresent the information and outright lie about the numbers. All three news networks quote the source of the data as the National Multifamily Housing Council. However, they do not show the complete picture. The NMHC has a Rent Tracker webpage which explores the latest rent payment data across the United States from its survey of survey of 11.5 million units. According to the report, 84 percent of apartment households made a full or partial rent payment by April 12 in its second survey of 11.5 million units of professionally managed apartment units across the country, up 15 percentage points from April 5. In fact, when compared to last year, the percentage of rent payments made for the month of April only has a 6% difference.
SOURCE: National Multifamily Housing Council
Below are the headlines from the major news networks...
Top earners, or Americans making $150,000 or more per year, are the fastest-growing renter segment, according to apartment search website RENTCafé. After analyzing recent U.S. Census data, the research team at the company found that more than 1.35 million high-income households became renters between 2007 and 2017, a 175% increase.
As of today, there are 43.3 million renters nationwide, with 2.1 million in the high-income category. In 2007, RENTCafé reports, only 774,000 people were represented in the demographic.
Evictions in California have been on the decline since 2008, contrary to popular belief. In fact, only 0.1% (calculated as number of evictions divided by population) of tenants are evicted in the Glendale-Burbank area. Glendale and Burbank have among the lowest eviction rates in the United States.
Here is the detailed data...