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Florida Leads for Apartment Rent Payments

Florida Leads for Apartment Rent Payments

Among renters living in the U.S. stock of professionally managed apartments, more households are making rent payments. That trend is seen especially in the state of Florida.

The share of households paying April rent through the 27th is up by 1 percentage point from the average for December 2020 through February 2021, according to RealPage statistics from multifamily community owners and operators using the company’s property management software. That period from December through February is when payment levels bottom in the RealPage data.

Influencing the rise in collections, accelerating job growth is boosting the number of workers earning paychecks. Also, stimulus payments that were authorized under the American Rescue Plan are improving the financial situations of struggling households.

The next set of Rent Payment Tracker data from the National Multifamily Housing Council, which combines information from five technology firms that include RealPage, will be published on May 10.

Florida Shines

Rent payment levels generally are climbing fastest in the locations where the push to open the economy and get workers back on the job is the most aggressive. Florida markets stand out in a big way.

Looking at payment levels by metro, Florida markets take six of the top eight spots nationally.

More than 98% of households have paid their rent in Fort Lauderdale, Tampa and Miami. The share is also at least 97% in Orlando, West Palm Beach and Jacksonville.

Other metros at the top for payments are Providence, Virginia Beach, Newark/Jersey City and Chicago.

Metros with comparatively low payment performances for April through the 27th are New Orleans (89.1%), Seattle (89.4%), Las Vegas (90.7%) and New York (91.1%).

Previous Patterns Hold in Property Class Payments

As has been seen since the COVID-19 pandemic began, rent collections remain better in the upper-end and mid-range apartments than in the lower-tier properties. RealPage stats show payments for April through the 27th at 93.8% in the Class A block of product and 93.5% in the Class B inventory.

Collection levels are lower at 87.7% in Class C projects. Renters in the Class C stock generally live paycheck to paycheck, lacking resources to rely on when employment is interrupted.