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Rent collections in June top 90% - more than 600bp higher than initial April, May collections

Rent collections in June were more than 600 basis points higher than initial collections in April and May, according to the latest NAREIM member survey.

A survey of NAREIM members, conducted between June 18 and 24, revealed an average portfolio-wide collection of 90.8%, compared to 84% for initial collections in April and 83% initial collections in May.

The data, which involved 17 participants with an average portfolio size of $9.2bn, also showed strong performance across the major property types of industrial, multifamily and office, with retail improving month-over-month.

In June, rent collections for multifamily were the strongest at 94.5%, with industrial at 93%, office at 90.9% and retail on 52.8%.

Retail saw the widest range of reported rent collections in June, with NAREIM members reporting collections from just 1.5% to 71.5%. Neighborhood shopping and grocery anchored centers remain the most resilient type of retail, the survey said.

As past NAREIM member surveys have shown, real estate investment managers can expect June rent collection figures to increase over the coming weeks.

Office rent collections in April were initially reported at 88.2%, however updated figures for that month show collections have increased by almost 600bp. The same trend was seen in May, with initial collections on average 83.9% and updated figures revealing an increase of more than 900bp.

Retail saw the largest uptick between initial reported collections and updated figures, with May rent collections rising by more than 10%.

Other key highlights from the survey, include:

  • 7 out of 10 real estate investment managers expect July rent collections to be better or the same as those collected in April.

  • Almost 9 out of 10 managers expect to deal with rent relief requests through rent deferrals in the long-term, with 12% of managers expected to apply deposits to deal with relief requests.

Key takeaways from real-time tenant conversations:

  • Communication and prior relationships have been critical: “It helped that they knew who we were.”

  • On multifamily: “Renters by choice generally are able to pay. Payment accommodations that allow residents to pay in installments over (a) month have been well received.”

  • Attention is turning to performance later in 2020: “Many are concerned about Q4.”

NAREIM members often reach out to ask their peers about pressing concerns impacting their business. Rent collections and relief in the age of coronavirus is one such challenge facing the real estate investment management industry today and we invited members to share their best practices regarding rent collections in June, final collections in April and May and expectations for rent collections in July.

June rent collection survey: A total of 17 member organizations submitted data between June 18 and June 24, 2020 on portfolios with an average AUM of $9.2bn (and ranging in size between $300m and $30bn).

All survey answers are provided anonymously - to both fellow members and NAREIM.

For more information on the surveys please contact Zoe Hughes, CEO,

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