The latest findings are a sign of robust demand for apartments but the industry is still facing challenges including the federal eviction moratorium.
The National Multifamily Housing Council’s latest report on rent collections showing 77 percent of U.S rental households made rent payments as of June 6 is a sign of a “strengthening economy, a recovering job market and robust demand in the apartment industry.”
But NMHC President Doug Bibby warned that despite the positive outlook for the industry, there are significant challenges ahead as the nation comes out of the COVID-19 crisis.
In a statement, Bibby cited construction costs rising at “almost unparalleled rates” that are increasingly impacting the cost of developing affordable apartment homes. He also noted firms are finding it harder to find labor, which is further delaying construction of multifamily properties.
While Bibby lauded federal lawmakers for passing legislation that included nearly $50 billion in rental assistance funds, the national eviction moratorium remains in effect. The ban is set to expire June 30 and it is unclear whether it will be extended.
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