Following up from our dive into the Bureau of Labor Statistics Consumer Price Index Summary for January where discussed rent for 1 bedroom apartments increased by 10% or more in 56 of the 100 largest cities in the US, The National Multifamily Housing Council (NMHC) reported only 92% of renter households had made their rent payment for December by the end of December, down from 93.8% in December 2020, and down from 95.9% in December 2019.
What this looks like in graph form:
As we can see, on-time payments are on the downswing but there are spikes towards on-time payments along the way. These spikes line up around the $1200 and $600 stimulus payments.
However, since there have not been any other direct payments made to individuals and rent is jumping bigly because of inflation, on-time payments are cracking.
I am having issues finding up to date total renters in the US, but in this chart from 2017, we can estimate around ~43 million rental households:
NMHC data is from at least 11.1 million apartment units each month, or ~25% of the rental market.
TL:DR of 25% of market data available in this set, 8% or ~888,000 units did not make rent payments on time in December of 2021.