HOUSTON, TX - J Turner Research accurately predicted rent collection for May. Based on a rent estimate study, J Turner predicted rent collection of 80.8%. This prediction is within a percentage point of actual rent receipt of 80.2% as of May 6, as reported by the National Multifamily Housing Council (NMHC)’s Rent Payment Tracker.
According to J Turner’s rent estimate resident study, owners can expect an additional 6.3% to be paid by the end of May; 12.9% of respondents indicated that they “might not be able to make the payment.” This study was conducted from April 23 to April 30, and the participating management companies had varying degrees of results and responses.
“Most information about the effects of the Coronavirus on multifamily indicate what’s happened regarding rent receipts, and we thought it would be interesting to forecast what would happen the next month. We were pleasantly surprised at how accurate our information is as compared to the actual results released by NMHC, a respected trade association,” said Joseph Batdorf, President of J Turner Research.
“Through our research, we want to give the owners and managers a heads-up on what the rent situation is going to be like so they can proactively prepare and react to what’s going to happen month-on-month. We will continue to survey residents to predict rent collection for the coming months,” added Batdorf.
The results of this ongoing study were initially reported on April 27. The latest findings are based on responses from over 3,700 residents. This study also covered the present employment situation of residents, their priorities of personal expenses, their opinions about “opening up” the economy as well as concerns about public gatherings due to the pandemic.
About J Turner Research: J Turner Research is the leading full-circle online reputation management firm that empowers multifamily companies with data to drive revenue. With our unique 360-degree process, we enable companies to enhance resident satisfaction, increase closing ratios, and improve online reputation. Our Online Reputation Assessment™ (ORA™) score serves as the industry standard for measuring a property’s online reputation. www.jturnerresearch.com
For any information on participating in our rent estimate study , please contact jbatdorf@jturnerresearch.com