Retail Rent Increases In May, Ever So Slightly
Retail rent payments improved, albeit nominally, in May. According to data from Datex Property Solutions, a company that tracks retail rent activity, there was a slight uptick in rent payments during the first two weeks of May compared to the same period in April. Still, the numbers are not promising. Through May 15, only 51.35% of retail rent was collected, compared to 48.9% in April. National retail collections are stronger with 53.2% of rents collected in the subcategory in May, compared to 50.65% in April. “As a frame of reference, since late fees kick in after the tenth in most leases, this is a pretty good indicator of overall monthly trends, which also explains why March 15th data showed 87.4% total rents collected, and 91.6% collected for national tenants,” said Mark Sigal, CEO of Datex Property Solutions. “By the time the stay at home orders kicked in in most of the country in mid-March, most retail rents had been paid.” Read more at Globe St.