Latest Report from MRI Software Reveals Significant Differences in Collection Rates and Admissions
Solon, Ohio – October 15, 2020 – Contrasts between the affordable housing and public housing sectors widened in September, according to the latest report from Proptech firm MRI Software (“MRI”). Most notably, admission volume rebounded in affordable housing and underperformed in public housing, while rent collection continued to lag in affordable housing yet stayed stable in public housing.
MRI’s report compiles data from more than 1.5 million affordable and public housing units throughout the U.S. in January-September 2020 and January-September 2019. Analysis comprises both year-over-year and month-over-month comparisons.
Highlights of the findings include:
- Admission volume for affordable housing nearly reached that of September 2019 after months of comparative underperformance. The September 2020 volumes were 95% for affordable, but only 68% for public, year over year.
- Rent collection in affordable housing remained below 80% of prior year rates for the third consecutive month. The September 2020 rate was 78%. For public housing, the September 2020 rate was 98%.
“Some people lump the affordable and public housing sectors together, but as our data demonstrates, the sectors respond quite differently to economic, political, and social pressures,” says Brian Zrimsek, Industry Principal at MRI Software. “Public housing is more cushioned because of its larger rental subsidies. That’s why collection rates tend to be higher than in affordable housing, and also why public housing residents are more likely to stay in place.
He adds: “If the stressors from the pandemic persist, we can expect more challenges in affordable collections, and we might start to see a greater impact on public housing. We will continue to issue these market reports in an effort to help both sectors plan ahead amid great uncertainty.”
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses – from property-level management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.
(U.S. for MRI)
Rachel Antman (+1 212-362-5837)
(U.K.) Platform Communications for MRI
PJ Chou (+44 20 3219 5837)
Zoe Mumba (+44 7725 832393)
or Hugh Filman (+44 7905 044850)