Collections in Affordable Housing Rebound in December; Occupancy Tightens Across All Asset Classes
SOLON, Ohio, Jan. 13, 2021 /PRNewswire/ -- Although uncertainty surrounding a stimulus package characterized most of December, rates of collections in affordable and public housing were surprisingly high for the month, with public housing reaching 97% of 2019 rates and affordable housing reaching 83% -- the highest level for the latter class since June. These are key findings of the latest report from Proptech firm MRI Software ("MRI"), which compiles data on one million market-rate units and 1.5 million affordable and public housing units in the U.S.
The December data also showed a continued tightening of occupancy across all asset classes, as move-ins outpaced move-outs for the sixth consecutive month.
Other highlights of the report, which includes both year-over-year (YOY) and month-over-month comparisons, include:
"But as the December data shows, tenants in affordable and public housing made great efforts to stay current, despite the early-month uncertainties about a stimulus package," he continues. "More and more people don't want to risk eventual eviction, a bad credit rating, or a huge payment in deferred rent. Therefore, tenants have actively changed their circumstances with some downsizing, some consolidating households and some looking to 'downshift' to affordable or public housing."
Zrimsek will discuss the December report, along with overall trends for 2020, during a webinar on January 14th at 2 p.m. Eastern.
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI's comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses – from property-level management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.
(U.S. for MRI)
(U.K.) Platform Communications for MRI
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