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According to the National Multifamily Housing Council, 90.8% of renters were able to make full or partial rent payments by May 20th, an improvement over April despite the continued economic downturn that has led to unemployment rates reaching nearly 15%. A survey of apartment owners in Oregon and Southwest Washington found that just 9.46% of households were unable to pay rent in May. In the city of Portland, over 94% of renter households made a payment last month. But industry experts warn that renters may be relying on the extra $600 per week the federal government is providing for unemployment to pay rent. This boost to unemployment benefits is set to end in July, which could mean landlords will see a drop off in rent collections in August or September. According to CoStar, institutional apartment investors are already seeing a sharp increase in the number of tenants requesting rent deferments or payment plans. Rent collections appear to be strongest at high-end and subsidized properties. Landlords and property managers are continuing to lobby state and federal legislators for increased funding for rental assistance. Last week the Seattle Times’ editorial board called on the Seattle City Council to provide monetary support to renters and landlords to ensure mortgages, utility bills, and property taxes continue to be paid, as well as to ensure housing stability for renters.
- CoStar – Apartment Renters Continue to Pay Up, and Owners Wonder: How?
- Daily Journal of Commerce – Rent Payments Mostly Arriving in Metro Area
- Seattle Times – Seattle City Council Should Help Rent Get Paid
- Seattle Times – More than Half of Washington State’s Counties Get OK to Move to Second Phase of Inslee’s Coronavirus Reopening Plan
- KATU2 – Tech Giants Are Embracing Remote Work. Others May Follow
- KATU2 – Facebook Says It Has Its Eyes on Portland
- Seattle Times – At Hotels for Houseless Seattleites, Fear and Frustration Outside but Comparative Calm Within
- OPB – Motel Rooms for the Homeless? Portland Leaders Balk at Price