Poagny.com conducted the March’s rent delinquency survey between 4/5 and 4/8, right after the Anti Asian Hate Unity Rally.
March rent delinquency rate among the landlords decreased from February’s 60% to March’s 48%. In fact, the rent delinquency rate among the landlords decreased across regions that have sufficient data to support analysis. Contrary to conventional wisdom, while the rate of undocumented immigrants known to the landlords increased to 66%, the rate of landlords who received rent in cash payment spiked to 48% in March from 20% in February. Roy Ho of poagny.com reiterates that cash payment does not only increase health risk, but also increase legal risk to the tenant and credit risk to the landlord.
The rate of landlords who have offered up to 25% of delinquent rent concessions to qualified tenants in the last 6 months remained approximately the same from 67% in February to 68% in March. While the intentional vacancy rate decreased, now at 44%, of the landlords who actually have vacant unit, March is the second consecutive month where there are more who actually are withholding the unit from the rental market than those who are actively soliciting for tenants.
Data continue to confirm that the rate of rent delinquency and of undocumented immigrant exhibit a very weak statistical relationship. Therefore, undocumented immigrant do not pose a greater risk to landlords statistically.
Statistics suggest that the intentional vacancy rate is somewhat a response to the rate of landlords not having offered concession to tenant in the last 6 months (no concession rate). Roy Ho of poagny.com speculates that the February’s spike of rent delinquency rate is more related to the CDC’s extension of federal eviction moratorium on 20th January. March’s data show that the market is reverting back to normal.
Original Text in English
Translation Text in Chinese
POAGNY.com Press Release: Slowly Returning to Normalcy