88 percent of Apartment Homes Paid rent as of January 14
Renton, Washington – Washington Multi-Family Housing Association’s (WMFHA) found 88.23 percent of statewide apartment homes made a full or partial payment by January 14. The data was collected from the association’s 267,000 professionally managed homes in the state.
This is a 2.52 percentage point increase from the previous month of collected. The data encompass a wide variety of market-rate rental properties across Washington state, which can vary by size, type, and average rental price.
91% of the rent a tenant pays goes to mortgage holders, financial institutions, taxes, maintenance costs, payroll for staff, and utilities. Less than 10 percent goes back to the property owner. We urgently need a massive influx of rental assistance to help residents keep up with housing payments, avoid massive debt, and protect Washington’s fragile housing system.
WMFHA is encouraged by the rollout of vaccines, and the distribution of desperately needed State and local rental assistance resources to assist renters and housing providers. It is critical these resources reach Washingtonians quickly, to begin the path to recovery and continue to provide stability to the millions of Washingtonians that call an apartment home.
WMFHA has been collecting local rent payment information from its members since the COVID-19 pandemic proliferated in March 2020. The numbers serve as an indicator of resident financial challenges and will track the recovery as well.
The survey has become crucial to local policymakers to understand the state of the rental housing industry. It helps to inform any legislation that is produced in city, county, and statewide jurisdictions.