During the coronavirus pandemic, many Bellingham renters paid the May bill
While the coronavirus pandemic is creating an economic upheaval for many in Whatcom County, many residents paid their rent.
During a Bellingham Regional Chamber of Commerce Zoom presentation about real estate on Wednesday, May 6, Troy Muljat noted that at Landmark Real Estate Management, more than 90% of residential tenants had paid the most recent monthly bill. Muljat operates the company with Brian Finnegan and manages more than 2,100 residential units, many of them to Western Washington University students.
That percentage of those paying rent in May is down from 96% compared to a year ago, but Muljat said they’ve been working with those who are struggling to make the payment.
Across the U.S., a strong majority are paying rent, according to the National Multifamily Housing Council. Between May 1-6, 80% of apartment households had paid the May rent. That’s down slightly from the same period a year ago, when 82% paid the rent.
Landmark also manages more than 650,000 square feet of commercial space for a variety of businesses, including restaurants and offices across Washington state. Given the number of businesses closed because of coronavirus pandemic restrictions, rent collection for May is significantly lower compared to residential, about 55%, Muljat said.
One interesting trend at Landmark is an uptick in residential leasing for next fall. The number of leases signed for next fall is up 6% compared to the same time last year. Given the uncertainty of how the COVID-19 pandemic will impact WWU classes next year, it’s unclear to Muljat why demand is higher. He speculated that because some students left Bellingham early to do online classes from their parents’ home, maybe they have time to be more proactive in getting next fall’s living arrangements settled.
Apartment rents tick downward
In its most recent study about rental rates in Washington, Zumper noted that Bellingham rents dropped slightly between March and April for both one-bedroom and two-bedroom units. Zumper is a website resource for renters and landlords.
The median monthly rent for a one-bedroom unit in Bellingham was $1,130, down 0.9% compared to the previous month. The median price for a two-bedroom unit was $1,380, down 1.4% compared to the previous month.
While down for the month, both the Bellingham one-bedroom and two-bedroom median prices are up 9.7% and 6.2% respectively when compared to April 2019.
