Retail rent collection strongest since start of Covid-19 pandemic
Rent collection performance hit 91.2% in July, with retail recording its strongest performance since the start of the Covid-19 outbreak in the U.S. Collections were 40bp higher than June and over 700bp higher than April, May.
Two-thirds of managers are providing rent relief to tenants. Retail and office worst affected
Requests for rent relief are primarily coming from retail tenants, however office and multifamily tenants are also asking for concessions as they deal with the impact of Covid-19 and shelter in place regulations, according to a new NAREIM member survey.
June rent collections top 90% - more than 600bp higher than initial April, May collections
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.