October Monthly Rent Survey Results
Again in October, Multifamily NW collaborated with a broad group of housing professionals (management companies, private managers, housing authorities, nonprofits, state agencies) to collect surveys of conventional and affordable rental housing to understand non-payment trends across the state of Oregon.
This month, 189 surveys were completed representing 62,501 units statewide.
The survey asked: How many households were unable to pay full rent by the 8th day of the month? The 8th of the month is the customary date for issuing nonpayment notices and is a good measure of the h renter households are experiencing. The survey adjusted for vacancy in order to arrive at the true percentage of occupied households impacted.
- On average, 12.2% of Oregon households did not pay their rent by the 8th of the month, compared to 13.1% reported in September.
- Statewide, of renter households living in Affordable Tax Credit units, 12.8% did not pay rent, compared to 15.6% in August.
- Conventional “Class-C” workforce multifamily housing, which experienced a 15.3% inability to pay rent.
- Small data sets from Southern Oregon, Eastern Oregon, or the Oregon Coast resulted in data with limited statistical validity.
We received 108 responses to the supplemental section of this survey, where we asked, “How has the statewide moratorium impacted your business?” Here is a selection of answers:
- “It's effected our owners mostly, not knowing if there is an end in sight makes them very anxious and it is hard to be a PM with no answers. We are used to problem solving and having answers.”
- “It has impacted us and our owners significantly. I have a move out that owes over $8,000, and two apts. that in combination, owe $26,000. Our owners are being incredibly wonderful to us and our residents, yet they are losing revenue quickly.”
- “One of my properties has over $45,000 in past due rent for just 60 units. We are struggling to pay payroll and accounts payable. One unit already owes over $11,000 and there is no end in sight for a lift of the moratorium.”
- “We're putting our units on the market for sale and no longer want to conduct business in this state due to the harsh tenant-landlord laws…”
- “Overall, our business is fairing the storm. However, the failure by the government to require a nexus between a resident's nonpayment and COVID-19 is very much wearing on our owners' good will. Our owners are also starting to worry about the tax implications these delinquent balances will bring as they carry over into another fiscal year.”
- “Yes, one of the tenants who hadn't paid rent since May moved out this past weekend without notifying me.”
- “I do not have any income except social security.”
Thank you to every member that took the time to complete the September Rent Survey that created this important data set. Independent owners to large management firms to affordable housing providers together contributed to the data.