NMHC | The Eviction Moratorium Is Set to Expire – What Do the Data Tell Us On Where Renters Stand?

As the federal eviction moratorium is set to expire in the coming weeks, more renters than at any other time during the pandemic report being current on rent payments and high confidence in their ability to make future payments.

By Claire Gray

Claire Gray is a research associate at the National Multifamily Housing Council (NMHC) in Washington, D.C. She can be reached at cgray@nmhc.org.

As has been the case through much of the pandemic, headlines have been making noise about the fear of millions of households facing eviction. Fortunately for all parties involved, that scenario just doesn’t seem to be realistic—due in part to the apartment industry’s recommendation to work with residents to mitigate eviction and the fact that many families' finances are improving.

The Household Pulse Survey from the U.S. Census Bureau has been tracking the wellbeing of households across the country since the early months of the pandemic and the newest survey results have been some of the most promising yet.

During the two most recent survey periods (May 12 - 24 and May 26 - June 7), 86 percent of renter respondents reported being current on their rent payments. This is the highest share of respondents that has reported being current on rent since this question was added to the survey in August 2020. It’s also important to remember that even before the pandemic, households would fall behind on rent and this metric will likely never be 100 percent.

In recent survey weeks, roughly three-quarters of renter respondents cited moderate or high confidence in their ability to pay next month’s rent, which marks some of the highest confidence levels reported in response to this question over the course of the survey. For much of the pandemic, closer to two-thirds of renter respondents expressed confidence, leaving one-third of renters unsure about their housing payments from month to month. However, these metrics did improve following relief measures from the federal government such as expanded unemployment benefits and economic stimulus payments. In fact, the financial situation of renters appears to have been steadily improving since mid-March, following the most recent $1,400 stimulus payments, economies reopening and more widespread vaccinations.

Similarly, NMHC's Rent Payment Tracker has shown that apartment households are still making rent payments pretty consistently. Compared to pre-pandemic payment trends, rent payments are tracking down just a few percentage points over the past 14 months.

The results from the Household Pulse Survey encompass all renters, regardless of property type, while the Rent Payment Tracker only captures data from professionally managed apartments. However, both metrics indicate how resilient renters have been during the pandemic.

Property owners and managers have gone to great lengths to support residents during this time of insecurity, including payment plans, increased resident communication and helping to secure rental assistance for their residents. Federal rental assistance has been paramount during this recovery, and we are optimistic that rent payments will continue to stabilize as the additional funds continue to be dispersed to those in need.

While some renter households may be slower to regain financial footing following the pandemic, these data indicate there is still cause for reassurance in the improving situations of most renters. Nonetheless, prioritizing housing affordability will be vital during this recovery. As developers face rising construction costs and renters navigate some of the overall economic uncertainty of the end of a pandemic, ensuring renters at all price points – including those most hard-hit by the pandemic – have access to housing they can afford is paramount.