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Update: The Impact of COVID-19
#48 — November 2, 2021
Dominium has been focused on our business and operations during this pandemic crisis. As we move past the critical rent collection part of each month, we will focus our updates on information that we have found useful in the work we are doing. We hope that our friends and partners in affordable housing find it helpful as well and will send other information our way. A collection of all previous updates can be found at COVID-19 Impact Update.
Rent Collections - October 2021 Summary
We continue to see depressed collections, although October was slightly better than September, which was the weakest month of the pandemic for collections. We still attribute most of this decline to lagging rental support payments from states. 

Through October 31, 2021, we’ve collected 86% of total resident charges. That amount compares with previous months as follows:

  • Up $0.3M or up 1% compared to September 2021 through the 30th.
  • Up $0.4M or flat compared to August 2021 through the 31st.
  • Up $0.6M or down (3%) compared to July 2021 through the 31st.
  • Up $5.2M or up 18% compared to November 2019 through the 30th.
Subsidy Collections: We’ve collected 97% of subsidy charges, which is:
  • Up $0.1M or flat compared to September 2021 through the 30th.
  • Up $0.2M or down (2%) compared to August 2021 through the 30th.
  • Up $0.3M or down (1%) compared to July 2021 through the 30th.
  • Down ($9.2M) or down (29%) compared to November 2019 through the 30th.

Total Receipts: We’ve collected 89% of October 2021 monthly charges, which is:
  • Up $0.4M or up 1% compared to September 2021 through the 30th.
  • Up $0.6M or down (1%) compared to August 2021 through the 30th.
  • Up $0.9M or down (2%) compared to July 2021 through the 30th.
  • Up $12.4M or up 21% compared to November 2019 through the 30th.
 
Receipts at Senior properties are 96% collected, which is:
  • Up 1% compared to September 2021
  • Flat compared to August 2021
  • Down (2%) compared to July 2021
  • Up 13% compared to November 2019
 
Receipts at Family properties are 87% collected, which is:
  • Up 1% compared to September 2021
  • Down (1%) compared to August 2021
  • Down (2%) compared to July 2021
  • Up 23% compared to November 2019
The chart below shows the distribution of properties on their collection performance in October 2021. Out of the 200 properties, 17 have collected less than 65% of October 2021 charges representing $0.5M remaining to collect while 32 properties have collected over 96% representing $0.1M remaining to collect.
The lowest collection category is primarily made up of Section 8 properties which are impacted by timing with changes between resident and subsidy owed charges. The below distribution excludes these properties and follows the expected trends.
Previous Dominium Rent Reports can be found here.
In an attempt to share what we know and are doing during this crisis, we are publishing a set of periodic updates for our partners and friends in affordable housing. We likely will do this twice a month or as interesting events dictate. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse