Apartment rent collections holding strong?

[Ryan Daigle]

I find myself taking both sides of the "Rent Payment Rate at 95% of Prior Month" headline from an article like this. On one hand 95% seems like a high percentage - that's an A after all! But on the other hand, if all your other costs stay the same, a 5% reduction in expected rent is gonna hit the bottom line hard.

My properties are low leverage and have plenty of buffer so a 5% reduction doesn't factor in, especially in the short term, but wondering how you all interpret a 95% collection rate from pre-COVID levels. "Pretty good considering" or "this is not good"?