As COVID-19 disrupts life and work, on-time full rent payments have fallen by 5% from the first three days of last month.

Using transactional data sourced from three top property management systems, multifamily lease insurance company LeaseLock has discovered a downward trend in on-time rent payments over the course of the five-day “rent payment grace period” in April, as compared with January, February, and March. This nationwide trend suggests the broad impact of the COVID-19 pandemic, rising unemployment, and shelter-in-place orders on the ability of renters to make their rent payments.

On April 1, LeaseLock actually recorded a slight uptick in rent payments from both full-payment renters and partial-payment renters as compared with the first days of January, February, and March. However, by April 2, the percentage of renters who had paid full rent fell by 1.17% from the same two-day period over the last three months.

By the third day, the percentage of renters who made full payments between April 1 and April 3 had fallen by 5%, down to just under 31% from just under 36% in January, February, and March. The share of renters who made partial payments during this period fell even lower—7.5%—compared with the previous three months.