September 2021 Delinquency Report

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The overall delinquency rate declined for the 14th consecutive month since its peak in June 2020 and broke below 6% this month. Although the past year has shown a consistent trend in lower delinquencies, the recovery of distressed assets still has some distance before reaching pre-pandemic levels of sub-3%. Lodging and retail are still the leaders by property type with the highest individual delinquency rates; although, several hotel markets have posted delinquency declines this month including Kansas City, Los Angeles, Raleigh, and Pittsburgh. New Orleans was among the lodging markets that had the highest month-over-month increase in delinquency.

CRED iQ monitors market performance for nearly 400 MSAs across the United States. Below is a summary of the default rates for the 50 largest metros segmented by property type. For these 50 MSAs, the highest delinquency rate was in Minneapolis, followed by Louisville and New Orleans. The New Orleans market saw the largest month-over-month increase in delinquency, which allowed the MSA to surpass Cleveland amongst the regions with the highest delinquency rates. Allentown and Sacramento reported the lowest delinquency rate among the Top 50 MSAs. The most significant month over-month decline in delinquency was in the San Francisco market, which was attributed to the $1.5 billion Parkmerced loan paying current after a 30-day delinquency in July.

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By property type, the hotel and retail sectors remain the largest contributors to the delinquency percentages for the majority of these statistical areas. Loans backed by self-storage, multifamily, and industrial facilities posted the lowest delinquency rates for most of these markets.

MSA – Property TypeDQ/SS
(millions)
DQ/SS
(%)
Monthly
Change
Allentown-Bethlehem-Easton, PA-NJ MSA$19.40.6%0.00%
Allentown – Hotel$0.00.0%0.00%
Allentown – Industrial$0.00.0%0.00%
Allentown – Multifamily$0.00.0%0.00%
Allentown – Office$0.00.0%0.00%
Allentown – Other$0.00.0%0.00%
Allentown – Retail$19.45.1%0.00%
Allentown – Self Storage$0.00.0%0.00%
Atlanta – Atlanta-Sandy Springs-Marietta, GA MSA$749.33.1%-0.16%
Atlanta – Hotel$247.712.9%-0.01%
Atlanta – Industrial$0.00.0%0.00%
Atlanta – Multifamily$4.70.0%-0.29%
Atlanta – Office$34.01.2%0.02%
Atlanta – Other$0.00.0%0.00%
Atlanta – Retail$462.917.1%0.00%
Atlanta – Self Storage$0.00.0%0.00%
Austin – Austin-Round Rock, TX MSA$563.46.0%0.51%
Austin – Hotel$419.344.6%-0.08%
Austin – Industrial$0.00.0%0.00%
Austin – Multifamily$36.00.6%0.51%
Austin – Office$0.00.0%0.00%
Austin – Other$0.00.0%0.00%
Austin – Retail$105.615.6%3.22%
Austin – Self Storage$2.52.1%0.00%
Baltimore – Baltimore-Towson, MD MSA$448.34.6%-0.17%
Baltimore – Hotel$128.727.8%-2.92%
Baltimore – Industrial$0.00.0%0.00%
Baltimore – Multifamily$6.10.1%0.06%
Baltimore – Office$23.03.6%0.00%
Baltimore – Other$0.00.0%0.00%
Baltimore – Retail$290.626.5%0.02%
Baltimore – Self Storage$0.00.0%0.00%
Birmingham – Birmingham-Hoover, AL MSA$45.61.8%-0.10%
Birmingham – Hotel$22.721.4%0.08%
Birmingham – Industrial$0.00.0%0.00%
Birmingham – Multifamily$0.00.0%-0.19%
Birmingham – Office$0.00.0%0.00%
Birmingham – Other$0.00.0%0.00%
Birmingham – Retail$23.03.2%-0.02%
Birmingham – Self Storage$0.00.0%0.00%
Boston – Boston-Cambridge-Quincy, MA-NH MSA$367.12.1%-0.14%
Boston – Hotel$110.814.4%1.56%
Boston – Industrial$0.00.0%0.00%
Boston – Multifamily$0.00.0%0.00%
Boston – Office$0.00.0%0.00%
Boston – Other$0.00.0%0.00%
Boston – Retail$256.313.0%-1.67%
Boston – Self Storage$0.00.0%0.00%
Bridgeport – Bridgeport-Stamford-Norwalk, CT MSA$224.35.6%-1.02%
Bridgeport – Hotel$63.751.7%0.43%
Bridgeport – Industrial$17.813.6%0.71%
Bridgeport – Multifamily$0.00.0%0.00%
Bridgeport – Office$97.57.9%-3.08%
Bridgeport – Other$23.65.8%0.00%
Bridgeport – Retail$21.76.1%-0.29%
Bridgeport – Self Storage$0.00.0%0.00%
Charlotte – Charlotte-Gastonia-Concord, NC-SC MSA$352.54.4%0.06%
Charlotte – Hotel$130.010.6%1.49%
Charlotte – Industrial$0.00.0%0.00%
Charlotte – Multifamily$0.00.0%0.00%
Charlotte – Office$21.32.5%0.00%
Charlotte – Other$92.625.9%0.47%
Charlotte – Retail$108.77.9%0.10%
Charlotte – Self Storage$0.00.0%0.00%
Chicago – Chicago-Naperville-Joliet, IL-IN-WI MSA$2,067.57.8%-1.43%
Chicago – Hotel$1,121.852.6%3.00%
Chicago – Industrial$0.00.0%-0.19%
Chicago – Multifamily$134.41.4%-0.50%
Chicago – Office$386.55.4%-4.45%
Chicago – Other$117.95.9%0.13%
Chicago – Retail$306.99.1%-0.80%
Chicago – Self Storage$0.00.0%0.00%
Cincinnati – Cincinnati-Middletown, OH-KY-IN MSA$318.48.5%-0.07%
Cincinnati – Hotel$141.246.3%0.00%
Cincinnati – Industrial$0.00.0%0.00%
Cincinnati – Multifamily$1.60.1%-0.04%
Cincinnati – Office$11.52.3%-0.11%
Cincinnati – Other$15.75.0%-0.07%
Cincinnati – Retail$147.420.9%0.19%
Cincinnati – Self Storage$1.01.6%0.00%
Cleveland – Cleveland-Elyria-Mentor, OH MSA$596.914.3%0.02%
Cleveland – Hotel$135.459.0%-0.04%
Cleveland – Industrial$0.00.0%0.00%
Cleveland – Multifamily$0.00.0%-0.37%
Cleveland – Office$105.312.6%-0.01%
Cleveland – Other$173.540.3%3.69%
Cleveland – Retail$182.620.6%-0.04%
Cleveland – Self Storage$0.00.0%0.00%
Columbus, OH – Columbus, OH MSA$251.84.2%-0.16%
Columbus, OH – Hotel$84.626.8%0.30%
Columbus, OH – Industrial$11.92.8%-0.01%
Columbus, OH – Multifamily$4.30.1%-0.27%
Columbus, OH – Office$12.52.4%0.00%
Columbus, OH – Other$0.00.0%0.00%
Columbus, OH – Retail$128.015.0%0.10%
Columbus, OH – Self Storage$10.417.9%0.03%
Dallas – Dallas-Fort Worth-Arlington, TX MSA$1,040.53.1%0.03%
Dallas – Hotel$443.812.3%-0.42%
Dallas – Industrial$1.70.1%0.00%
Dallas – Multifamily$47.70.2%-0.01%
Dallas – Office$212.15.6%1.06%
Dallas – Other$23.91.4%-0.20%
Dallas – Retail$300.111.9%0.34%
Dallas – Self Storage$11.22.2%0.11%
Denver – Denver-Aurora, CO MSA$334.82.0%-0.31%
Denver – Hotel$43.45.0%-3.39%
Denver – Industrial$0.00.0%0.00%
Denver – Multifamily$0.00.0%-0.03%
Denver – Office$194.49.3%-0.90%
Denver – Other$7.01.2%0.06%
Denver – Retail$87.05.7%-0.15%
Denver – Self Storage$3.11.8%0.00%
Detroit – Detroit-Warren-Livonia, MI MSA$608.26.8%0.19%
Detroit – Hotel$316.741.6%0.05%
Detroit – Industrial$45.98.5%1.05%
Detroit – Multifamily$42.51.3%0.20%
Detroit – Office$6.60.4%0.40%
Detroit – Other$22.53.4%0.06%
Detroit – Retail$174.110.1%-0.10%
Detroit – Self Storage$0.00.0%0.00%
Hartford – Hartford-West Hartford-East Hartford, CT MSA$212.18.6%-0.64%
Hartford – Hotel$89.260.6%-3.65%
Hartford – Industrial$0.00.0%0.00%
Hartford – Multifamily$3.90.3%-0.55%
Hartford – Office$87.622.2%0.02%
Hartford – Other$1.20.6%0.01%
Hartford – Retail$30.312.6%-0.42%
Hartford – Self Storage$0.00.0%0.00%
Houston – Houston-Sugar Land-Baytown, TX MSA$1,485.55.3%-0.90%
Houston – Hotel$705.759.6%-0.33%
Houston – Industrial$10.91.6%0.07%
Houston – Multifamily$80.80.6%-0.32%
Houston – Office$528.213.5%-0.78%
Houston – Other$33.90.9%-2.97%
Houston – Retail$97.92.6%-0.20%
Houston – Self Storage$28.25.8%0.18%
Indianapolis – Indianapolis-Carmel, IN MSA$386.28.0%-1.03%
Indianapolis – Hotel$169.226.6%0.01%
Indianapolis – Industrial$0.00.0%0.00%
Indianapolis – Multifamily$97.24.5%-0.51%
Indianapolis – Office$67.810.6%-0.60%
Indianapolis – Other$9.84.6%-0.15%
Indianapolis – Retail$38.27.0%-2.15%
Indianapolis – Self Storage$4.05.2%0.00%
Jacksonville – Jacksonville, FL MSA$67.61.3%-0.25%
Jacksonville – Hotel$38.68.9%-2.20%
Jacksonville – Industrial$0.00.0%0.00%
Jacksonville – Multifamily$20.00.6%-0.09%
Jacksonville – Office$0.00.0%0.00%
Jacksonville – Other$0.00.0%0.00%
Jacksonville – Retail$9.12.1%0.00%
Jacksonville – Self Storage$0.00.0%0.00%
Kansas City – Kansas City, MO-KS MSA$163.23.5%-4.66%
Kansas City – Hotel$97.931.1%-16.55%
Kansas City – Industrial$0.00.0%0.00%
Kansas City – Multifamily$7.60.3%-0.01%
Kansas City – Office$0.00.0%-18.21%
Kansas City – Other$2.81.2%-0.88%
Kansas City – Retail$53.38.2%2.39%
Kansas City – Self Storage$1.60.8%0.00%
Las Vegas – Las Vegas-Paradise, NV MSA$393.82.0%-0.34%
Las Vegas – Hotel$18.30.3%0.00%
Las Vegas – Industrial$0.00.0%0.00%
Las Vegas – Multifamily$0.00.0%0.00%
Las Vegas – Office$10.21.7%0.06%
Las Vegas – Other$0.00.0%0.00%
Las Vegas – Retail$362.67.5%-1.43%
Las Vegas – Self Storage$2.61.4%0.05%
Los Angeles – Los Angeles-Long Beach-Santa Ana, CA MSA$1,997.44.1%-0.89%
Los Angeles – Hotel$647.415.8%-9.11%
Los Angeles – Industrial$2.00.2%0.00%
Los Angeles – Multifamily$133.50.6%0.02%
Los Angeles – Office$368.73.1%0.00%
Los Angeles – Other$197.76.5%-1.56%
Los Angeles – Retail$644.69.4%0.13%
Los Angeles – Self Storage$3.50.4%0.36%
Louisville – Louisville/Jefferson County, KY-IN MSA$632.820.4%0.09%
Louisville – Hotel$243.054.2%0.03%
Louisville – Industrial$0.00.0%0.00%
Louisville – Multifamily$3.80.3%0.00%
Louisville – Office$0.00.0%0.00%
Louisville – Other$0.00.0%0.00%
Louisville – Retail$386.159.1%0.14%
Louisville – Self Storage$0.00.0%0.00%
Memphis – Memphis, TN-AR-MS MSA$156.86.5%-1.90%
Memphis – Hotel$56.327.5%0.20%
Memphis – Industrial$0.00.0%0.00%
Memphis – Multifamily$17.81.7%-0.66%
Memphis – Office$0.00.0%-11.38%
Memphis – Other$18.433.7%1.83%
Memphis – Retail$62.715.3%0.05%
Memphis – Self Storage$1.61.0%0.00%
Miami – Miami-Fort Lauderdale-Pompano Beach, FL MSA$843.23.9%-0.76%
Miami – Hotel$375.78.2%0.04%
Miami – Industrial$0.00.0%0.00%
Miami – Multifamily$5.80.1%-0.04%
Miami – Office$21.71.1%-2.68%
Miami – Other$8.70.6%-4.20%
Miami – Retail$431.48.9%-0.72%
Miami – Self Storage$0.00.0%0.00%
Milwaukee – Milwaukee-Waukesha-West Allis, WI MSA$255.410.5%-0.09%
Milwaukee – Hotel$35.723.1%-0.01%
Milwaukee – Industrial$0.00.0%0.00%
Milwaukee – Multifamily$0.00.0%0.00%
Milwaukee – Office$66.411.6%0.00%
Milwaukee – Other$0.00.0%0.00%
Milwaukee – Retail$153.230.5%0.23%
Milwaukee – Self Storage$0.00.0%0.00%
Minneapolis – Minneapolis-St. Paul-Bloomington, MN-WI MSA$1,932.323.3%-2.99%
Minneapolis – Hotel$332.552.6%0.29%
Minneapolis – Industrial$4.11.5%-3.88%
Minneapolis – Multifamily$0.00.0%0.00%
Minneapolis – Office$152.47.4%-12.26%
Minneapolis – Other$11.73.0%0.17%
Minneapolis – Retail$1,431.870.6%0.78%
Minneapolis – Self Storage$0.00.0%0.00%
Nashville – Nashville-Davidson-Murfreesboro-Franklin, TN MSA$351.45.6%-0.28%
Nashville – Hotel$339.224.8%-1.11%
Nashville – Industrial$0.00.0%0.00%
Nashville – Multifamily$0.00.0%0.00%
Nashville – Office$0.00.0%0.00%
Nashville – Other$0.00.0%0.00%
Nashville – Retail$12.11.6%-0.01%
Nashville – Self Storage$0.00.0%0.00%
New Orleans – New Orleans-Metairie-Kenner, LA MSA$487.414.3%1.09%
New Orleans – Hotel$451.140.4%1.91%
New Orleans – Industrial$0.00.0%0.00%
New Orleans – Multifamily$13.41.7%0.00%
New Orleans – Office$0.00.0%0.00%
New Orleans – Other$0.00.0%0.00%
New Orleans – Retail$22.92.9%-0.01%
New Orleans – Self Storage$0.00.0%0.00%
New York City – New York-Northern New Jersey-Long Island, NY-NJ-PA MSA$6,718.55.7%0.15%
New York City – Hotel$1,860.049.8%-0.30%
New York City – Industrial$7.50.5%0.03%
New York City – Multifamily$523.91.6%0.12%
New York City – Office$734.61.7%-0.11%
New York City – Other$1,636.67.8%0.06%
New York City – Retail$1,955.913.8%-0.32%
New York City – Self Storage$0.00.0%0.00%
Orlando – Orlando-Kissimmee, FL MSA$476.84.1%-0.58%
Orlando – Hotel$186.56.5%-1.87%
Orlando – Industrial$0.00.0%0.00%
Orlando – Multifamily$25.50.4%0.01%
Orlando – Office$47.19.6%0.01%
Orlando – Other$0.00.0%0.00%
Orlando – Retail$217.720.5%-1.95%
Orlando – Self Storage$0.00.0%0.00%
Philadelphia – Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA$991.35.3%0.05%
Philadelphia – Hotel$380.340.9%9.17%
Philadelphia – Industrial$0.00.0%0.00%
Philadelphia – Multifamily$118.61.3%0.00%
Philadelphia – Office$51.11.2%0.10%
Philadelphia – Other$79.35.7%-0.15%
Philadelphia – Retail$362.014.2%0.03%
Philadelphia – Self Storage$0.00.0%0.00%
Phoenix – Phoenix-Mesa-Scottsdale, AZ MSA$594.73.1%-0.38%
Phoenix – Hotel$80.54.8%-1.17%
Phoenix – Industrial$10.21.9%-0.02%
Phoenix – Multifamily$0.00.0%0.00%
Phoenix – Office$23.81.1%-2.13%
Phoenix – Other$180.524.1%0.42%
Phoenix – Retail$299.77.5%-0.11%
Phoenix – Self Storage$0.00.0%0.00%
Pittsburgh – Pittsburgh, PA MSA$202.54.3%-0.51%
Pittsburgh – Hotel$125.342.9%-5.99%
Pittsburgh – Industrial$0.00.0%0.00%
Pittsburgh – Multifamily$0.00.0%0.00%
Pittsburgh – Office$15.41.7%0.00%
Pittsburgh – Other$8.12.1%0.09%
Pittsburgh – Retail$53.67.3%0.11%
Pittsburgh – Self Storage$0.00.0%0.00%
Portland – Portland-Vancouver-Beaverton, OR-WA MSA$532.78.2%-0.74%
Portland – Hotel$520.959.2%-6.07%
Portland – Industrial$0.00.0%0.00%
Portland – Multifamily$10.20.2%0.00%
Portland – Office$1.60.5%0.00%
Portland – Other$0.00.0%0.00%
Portland – Retail$0.00.0%0.00%
Portland – Self Storage$0.00.0%0.00%
Raleigh – Raleigh-Cary, NC MSA$135.23.3%-0.92%
Raleigh – Hotel$86.619.2%-7.70%
Raleigh – Industrial$0.00.0%0.00%
Raleigh – Multifamily$0.00.0%0.00%
Raleigh – Office$12.74.0%0.00%
Raleigh – Other$0.00.0%0.00%
Raleigh – Retail$35.88.1%-1.24%
Raleigh – Self Storage$0.00.0%0.00%
Richmond – Richmond, VA MSA$142.04.1%-0.22%
Richmond – Hotel$50.617.8%0.29%
Richmond – Industrial$6.94.9%-0.12%
Richmond – Multifamily$0.00.0%-0.56%
Richmond – Office$0.00.0%0.00%
Richmond – Other$0.00.0%0.00%
Richmond – Retail$84.415.3%0.06%
Richmond – Self Storage$0.00.0%0.00%
Riverside – Riverside-San Bernardino-Ontario, CA MSA$393.94.2%-0.36%
Riverside – Hotel$85.017.1%-1.92%
Riverside – Industrial$0.00.0%0.00%
Riverside – Multifamily$2.40.1%-0.08%
Riverside – Office$0.00.0%0.00%
Riverside – Other$0.00.0%0.00%
Riverside – Retail$306.513.9%0.31%
Riverside – Self Storage$0.00.0%0.00%
Sacramento – Sacramento-Arden-Arcade-Roseville, CA MSA$31.00.6%0.00%
Sacramento – Hotel$6.31.7%0.00%
Sacramento – Industrial$0.00.0%0.00%
Sacramento – Multifamily$0.00.0%0.00%
Sacramento – Office$11.01.9%0.93%
Sacramento – Other$0.00.0%0.00%
Sacramento – Retail$13.81.8%-0.57%
Sacramento – Self Storage$0.00.0%0.00%
Salt Lake City – Salt Lake City, UT MSA$187.05.1%-0.25%
Salt Lake City – Hotel$47.615.3%-0.01%
Salt Lake City – Industrial$0.00.0%0.00%
Salt Lake City – Multifamily$0.00.0%0.00%
Salt Lake City – Office$0.00.0%-1.85%
Salt Lake City – Other$0.00.0%0.00%
Salt Lake City – Retail$139.429.9%0.07%
Salt Lake City – Self Storage$0.00.0%0.00%
San Antonio – San Antonio, TX MSA$201.83.1%0.00%
San Antonio – Hotel$26.27.8%0.29%
San Antonio – Industrial$0.00.0%0.00%
San Antonio – Multifamily$8.20.2%-0.01%
San Antonio – Office$0.00.0%-1.44%
San Antonio – Other$0.40.2%-0.24%
San Antonio – Retail$165.618.8%1.61%
San Antonio – Self Storage$1.40.9%0.00%
San Diego – San Diego-Carlsbad-San Marcos, CA MSA$231.22.1%-4.03%
San Diego – Hotel$79.53.7%-21.11%
San Diego – Industrial$0.00.0%0.00%
San Diego – Multifamily$9.60.2%0.01%
San Diego – Office$0.00.0%0.00%
San Diego – Other$20.83.3%0.01%
San Diego – Retail$121.310.3%0.19%
San Diego – Self Storage$0.00.0%0.00%
San Francisco – San Francisco-Oakland-Fremont, CA MSA$331.91.5%-5.76%
San Francisco – Hotel$212.19.0%0.37%
San Francisco – Industrial$0.00.0%0.00%
San Francisco – Multifamily$22.60.3%-17.77%
San Francisco – Office$18.90.2%-0.10%
San Francisco – Other$30.61.7%0.01%
San Francisco – Retail$47.83.6%-0.02%
San Francisco – Self Storage$0.00.0%0.00%
San Jose – San Jose-Sunnyvale-Santa Clara, CA MSA$171.11.2%0.00%
San Jose – Hotel$156.47.7%0.13%
San Jose – Industrial$0.00.0%0.00%
San Jose – Multifamily$0.00.0%0.00%
San Jose – Office$14.70.2%0.00%
San Jose – Other$0.00.0%0.00%
San Jose – Retail$0.00.0%0.00%
San Jose – Self Storage$0.00.0%0.00%
Seattle – Seattle-Tacoma-Bellevue, WA MSA$245.01.4%-0.30%
Seattle – Hotel$238.218.0%-2.61%
Seattle – Industrial$0.00.0%0.00%
Seattle – Multifamily$0.00.0%0.00%
Seattle – Office$0.00.0%0.00%
Seattle – Other$0.00.0%0.00%
Seattle – Retail$6.80.4%0.01%
Seattle – Self Storage$0.00.0%-2.41%
St. Louis – St. Louis, MO-IL MSA$420.39.6%-0.07%
St. Louis – Hotel$58.620.6%0.04%
St. Louis – Industrial$0.00.0%0.00%
St. Louis – Multifamily$23.41.4%0.00%
St. Louis – Office$107.619.1%0.02%
St. Louis – Other$24.74.9%-0.01%
St. Louis – Retail$206.020.1%-0.18%
St. Louis – Self Storage$0.00.0%0.00%
Tampa – Tampa-St. Petersburg-Clearwater, FL$386.33.9%-0.31%
Tampa – Hotel$74.96.3%0.00%
Tampa – Industrial$0.00.0%0.00%
Tampa – Multifamily$34.70.6%-0.06%
Tampa – Office$24.14.1%0.00%
Tampa – Other$0.00.0%0.00%
Tampa – Retail$252.618.8%-1.76%
Tampa – Self Storage$0.00.0%0.00%
Tucson – Tucson, AZ MSA$267.47.5%0.04%
Tucson – Hotel$1.40.4%0.00%
Tucson – Industrial$0.00.0%0.00%
Tucson – Multifamily$0.00.0%0.00%
Tucson – Office$0.00.0%0.00%
Tucson – Other$0.00.0%0.00%
Tucson – Retail$266.018.6%0.34%
Tucson – Self Storage$0.00.0%0.00%
Virginia Beach – Virginia Beach-Norfolk-Newport News, VA-NC MSA$254.35.8%-0.13%
Virginia Beach – Hotel$24.75.3%-2.98%
Virginia Beach – Industrial$21.213.1%-0.01%
Virginia Beach – Multifamily$0.00.0%0.00%
Virginia Beach – Office$12.63.1%-0.02%
Virginia Beach – Other$0.00.0%0.00%
Virginia Beach – Retail$187.120.6%1.08%
Virginia Beach – Self Storage$8.89.9%0.31%
Washington – Washington-Arlington-Alexandria, DC-VA-MD-WV MSA$986.83.5%0.14%
Washington – Hotel$59.25.3%-0.65%
Washington – Industrial$0.00.0%0.00%
Washington – Multifamily$1.30.0%-0.02%
Washington – Office$508.68.0%0.79%
Washington – Other$249.712.4%0.45%
Washington – Retail$168.15.4%-0.01%
Washington – Self Storage$0.00.0%0.00%
Grand Total – Top 50 MSAs$31,254.94.7%-0.59%
Source: CRED iQ