Update: The Impact of COVID-19
#15 — May 13, 2020
Dominium has been focused on our business and operations during this pandemic crisis. As we move past the critical rent collection part of each month, we will focus our updates on information that we have found useful in the work we are doing. We hope that our friends and partners in affordable housing find it helpful as well and will send other information our way as well. A collection of all previous updates can be found at  COVID-19 Impact Update .
Rent Collections
Dominium Rent Collection Report: Through May 11, 2020 we have collected 89% of charges for the month.

  • Cumulative receipts are up 2% compared to April through the 11th.

  • Cumulative receipts are up 4% compared to November 11th, 2019, the most recent month with the 1st falling on a Friday.

In terms of types of properties or receipts:

  • Resident receipts are at 89%
o Up 3% compared to April through the 11th.
o Up 3% compared to November 11, 2019.

  • Subsidy receipts are at 94%
o Flat compared to April through the 11th.
o Up 9% compared to November 11, 2019.

  • Senior total receipts are 95%
o Down (1%) compared to April through the 11th.
o Down (1%) compared to November 11, 2019.

  • Family total receipts are 89%
o Up 3% compared to April through the 11th.
o Up 5% compared to November 11, 2019.
Out of the 211 properties, 27 have collected less than 75% of May charges while 86 properties have collected over 90% of May charges. The large percentage in the below 75% category is comprised primarily of section 8 properties where lower incomes have resulted in lower resident receipts and higher expected/outstanding receipts from subsidies.
Previous Dominium Rent Reports can be found here.

According to Leaselock , May seems to be on a similar rent payment trajectory to April, including a slight bump in first-of-the-month payments — roughly 4% more total rent was collected on the first day of May compared to the trailing three month average.

Leaselock updated their report on rent payments on May 7th. They note that May payments are still holding, but there is still a decrease of 6 percentage points from the pre-COVID three-month trailing average and a 7 percentage point decline compared to April. 

GlobeSt.com discussed the status of Multifamily rent collections with Walker & Dunlop CEO, Willy Walker. He predicts that May collections will be better than April citing Walker & Dunlop data as well as LeaseLock’s May 1st collections data.
Other Interesting & Helpful Resources
Resident Resources

Freddie Mac offers a Renter Helpline , which provides counseling for renters on budgeting, credit improvement and debt management. Their flyer for the program is available in multiple languages.

HUD provides a guide and FAQ for Renters during the Pandemic.
IRS Information on COVID-19 Checks 
Information on filing for unemployment
In an attempt to share what we know and are doing during this crisis, we are publishing a set of periodic updates for our partners and friends in affordable housing. We likely will do this twice a week or as interesting events dictate. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse