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Rent collections could decline another 15% in May

Rent collections in May are expected to fall another 10% to 15%, after declining on average 16% in April.

According to a NAREIM member survey, almost half of real estate investment managers expected May rent collections to be 10% and 15% below those of April.

The survey, conducted between April 20 and 23, revealed portfolio-wide rent collections in April were 84%, but investment managers were bracing for May collections to be significantly lower.

A total of 44% of NAREIM members were underwriting rent collections in May to be between 10% and 15% below those of April, while 22% were expecting declines of 5% to 10% on April rent payments.

In April, an average of 84% of rental payments were collected, according to survey participants. That figure, however, comprised wide differences between - and within - each property type.

Multifamily was the strongest property type in terms of April rent collections, according to NAREIM members, with 93.4% of rent collected. Managers reported 88.2% of office rents were collected in April, while for industrial an average of 84.3% of rents were collected in April. Retail saw 52.4% of rents collected.

To access a summary of the NAREIM survey, click here.

NAREIM members can access the full survey results, which include real-time feedback on tenant conversations regarding rent relief; the most-used tools for accommodating rent relief requests and best practices in preparing for a return to normal, on the NAREIM website. For more information on NAREIM or the survey, please contact Zoe Hughes at

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