Rent Payments Fall as Layoffs Ripple Through U.S. Real Estate

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  • #299888

    Ohio Barbarian
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    • Total Posts: 12,879
    @ohiobarbarian

    (Bloomberg) — The economic pain caused by the coronavirus is translating to lower rent collections this month.

    Just 69% of U.S. apartment renters made payments through April 5. That compares with 81% who paid their rent by March 5, a new tracking tool published by the National Multifamily Housing Council shows.

    Leasing offices have closed amid social-distancing efforts, making it harder for some residents to make payments. Still, the trade group’s data, based on 13.4 million apartment units, show how quickly pandemic-related layoffs are rippling through the real estate sector.

    Last year, 82% of apartment-dwellers paid their rent by April 5.

    Full story here.

    It’s a Bloomberg story on Yahoo. This way I don’t have to click on Bloomberg. 

    It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

    If Democrats don’t stand for the people, why should people stand for them?--Jim Hightower

  • #300464

    eridani
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    • Total Posts: 5,331
    @eridani

    https://readersupportednews.org/news-section2/318-66/62293-almost-a-third-of-renters-missed-this-months-payment

    There was a massive drop in the number of U.S. apartment renters who managed to pay their April rent in the first week of the month, The Wall Street Journal reports. The numbers, based on figures from the National Multifamily Housing Council, said only 69 percent of tenants paid any of their rent between April 1 and 5. That’s compared with 81 percent who paid in the first week of March and 82 percent in April 2019. The numbers appear to show a surge in Americans struggling to make rent during the coronavirus pandemic, which has hammered the economy and left millions without work. NMHC said many renters who haven’t yet paid may still pay later this month, and added that a rise in paperless payments over the weekend may not be included in the initial count. The numbers don’t include single-family homes, and the apartments counted exclude public housing and other subsidized affordable housing.

    Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

  • #300666

    Cold Mountain Trail
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    • Total Posts: 8,124
    @coldmountaintrail

    Maybe it will drop housing prices.  They’re inflation-adjusted higher than I remember them ever being here.

    • #300669

      Ohio Barbarian
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      • Total Posts: 12,879
      @ohiobarbarian

      For that matter, I’ve seen no reporting on how many commercial rents went unpaid. All those shuttered restaurants, taverns, and other businesses surely didn’t pay their April rent. That will definitely have an effect on many markets, with ripple effects I cannot predict. @coldmountaintrail

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      If Democrats don’t stand for the people, why should people stand for them?--Jim Hightower

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