News April 15, 2021

Rent Collections in Affordable and Public Housing Rebounded in March; Improvement Likely Tied to Stimulus Payments

By MRI

Latest Report from MRI Software Tracks Effects of COVID-19 on Affordable and Public Housing

Solon, Ohio – April 15, 2021 – Rent collections in both affordable and public housing rose significantly in March, according to the latest report from Proptech firm MRI Software (“MRI”). Payments from tenants in affordable units reached 91% of March 2020, while those from tenants in public housing exceeded the prior year mark, hitting 105%. Comparable levels have not been achieved since June, suggesting a positive impact from the recent round of stimulus payments.

MRI’s report compiles data from more than 1.5 million affordable and public housing units throughout the U.S. between March 2020 and March 2021. Analysis comprises both year-over-year and month-over-month comparisons.

Additional Highlights:

  • In the affordable sector, the gap between move-in volumes and move-out volumes (the former outpaces the latter) is starting to close, indicating a return to normalcy. The public sector, in contrast, shows only incremental gains in occupancy.
  • Applications, new admissions, and move-out volumes in affordable housing have increased significantly, but not in public housing.

“It seems safe to assume that tenants of affordable and public housing applied recent stimulus payments toward March rent,” Brian Zrimsek, Industry Principal at MRI Software. “Rent continues to be a priority, despite eviction moratoriums.

“But we’re seeing also longer-term signs of recovery along with the short-term boost, at least in the affordable sector,” he adds. “Gains in the job market and the pace of the vaccine rollout are prompting movement of occupants. For the multifamily industry, that means we’re a step closer to equilibrium.”

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:

(U.S. for MRI)
Rachel Antman (+1 212-362-5837)
rachel@saygency.com

(U.K.) Platform Communications for MRI
Zoe Mumba (+44 7725 832393)
or Hugh Filman (+44 7905 044850)
mri@platformcomms.com

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