Residential tenants in good standing remained fairly flat at 81.52% for the first quarter of 2020, slightly lower than the 81.88% the previous quarter. The reality is that there has been a slow and steady deterioration of tenants in good standing from the peak of 85.95% in the 2013/4 period. This slow and steady deterioration of 5.43% over the last 6 years, hardly noticeable in comparison to the overnight drop of 5019% in good standing in a single month between March and April thanks to the effect of Lockdown. Preliminary data shows an April good standing of 76.33%, May of 71.44% and June currently only 62.43%. An important footnote is that there is still a week left of June collections, and as tenants receive their June salaries, many will make late payments pushing the June good standing up.
