Just 69% of renters paid their rent by April 5, compared to 81% who paid by March 5, according to data from 13m units published by the National Multifamily Housing Council. Roughly 15m households—about 30% of mortgage borrowers—could miss payments if the economy stays shuttered through the summer, according to Mark Zandi, chief economist at Moody’s Analytics.
“It’s almost like we’re watching this unfold in slow motion,” says Scott Rechler, CEO of RXR Realty, which owns apartments, offices, and other commercial real estate. “We know the bad part is coming, but we don’t know how long it will last or how resilient we’ll be.” —