Update: The Impact of COVID-19
#49 — December 22, 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 - December 2021 Mid-Month Summary
We continue to see depressed collections, consistent through the Fall of 2021. Collections in 2021 continue to lag collections from before the Pandemic, as seen in this report in a comparison with May of 2019, which was a month in 2019 that started on a Wednesday, like December of 2021 did.

Through December 20th, 2021, we’ve collected 83% of total resident charges. That amount compares with previous months as follows:

  • Up $0.1M or flat compared to November 2021 through the 20th.
  • Up $0.1M or flat compared to October 2021 through the 20th.
  • Up $0.4M or flat compared to September 2021 through the 20th.
  • Up $6.8M or down 4% compared to May 2019 through the 20th.
Subsidy Collections: We’ve collected 94% of subsidy charges, which is:
  • Down ($0.4M) or down (10%) compared to November 2021 through the 20th.
  • Up $0.0M or down (2%) compared to October 2021 through the 20th.
  • Up $0.2M or down (1%) compared to September 2021 through the 20th.
  • Up $9.6M or down (9%) compared to May 2019 through the 20th.

Total Receipts: We’ve collected 86% of December 2021 monthly charges, which is:
  • Down ($0.3M) or down (2%) compared to November 2021 through the 20th.
  • Up $0.1M or down (1%) compared to October 2021 through the 20th.
  • Up $0.6M or flat compared to September 2021 through the 20th.
  • Up $9.6M or down (8%) compared to May 2019 through the 20th.

Receipts at Senior properties are 94% collected, which is:
  • Down (4%) compared to November 2021 through the 20th.
  • Down (1%) compared to October 2021 through the 20th.
  • Flat compared to September 2021 through the 20th.
  • Up 3% compared to May 2019 through the 20th.
 
Receipts at Family properties are 87% collected, which is:
  • Up 1% compared to November 2021 through the 20th.
  • Down (1%) compared to October 2021 through the 20th.
  • Flat compared to September 2021 through the 20th.
  • Down (6%) compared to May 2019 through the 20th.
The chart below shows the distribution of properties on their collection performance in December 2021. Out of the 204 properties, 23 have collected less than 65% of December 2021 charges representing $0.8M remaining to collect while 30 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 have been publishing a set of periodic updates for our partners and friends in affordable housing. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse