Renters still making payments on time

Renters still making payments on time

Renters still making payments on time
While the number of homeowners who have put their mortgages in to a state of forebearance, renters in the U.S. appear to be staying on top of their payments. Over 80 percent of apartment households paid their rent on time for April according to The National Multifamily Housing Council’s latest Rent Payment Tracker report. While this is still a 1.5 percent decline from last year, it is still much higher than many experts had anticipated.

“Despite the fact that over twenty million people lost their jobs in April, for the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so,” said Dough Bibby, NMHC president. “We expect May to largely mirror April.”

Financial assistance began to hit bank accounts in April including stimulus money from the CARES Act as well as supplemental unemployment income. This likely helped many renters stay current on their leases.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.375 percent and 15-year rates are near 3.0 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.