Landlords are bracing for a wave of rent defaults

By the last week of April, rent payments were not too far off from historical averages, according to the National Multifamily Housing Council. By then, 92% of the market-rate rental households the council tracks made full or partial payments, compared with 95% who paid by the same time in March -- before coronavirus started shutting down businesses across the US.But with nearly 20% of the labor force claiming unemployment since mid-March, the ability of many people to pay their rent is fraying.

Renters might have had an initial safety net to pay in April, said Robert Pinnegar, president of the National Apartment Association, a nonprofit trade group of apartment owners."Now with the increase in unemployment claims and stimulus money that may not have arrived yet, we are bracing for a far larger nonpayment rate in May.

Many landlords and property owners are looking with concern toward August. By July 31, the majority of eviction moratoriums will have expired and the $600 supplemental payment to unemployment benefits is set to end."That's when the money runs out," said Almodovar."We can't expect all these lost jobs will be back by August.

I know literally nothing about anything but wouldn’t a rent/mortgage freeze be more beneficial to like...everyone than $1,200?unless you’re renting an apartment in Iowa

It's worth to talk to your landlords if they can reduce or cancel rent for that month, some landlords are very understanding and happy to do so like a couple of my friends'. Good luck.

Landlords they have to move out

THE NEW ANTIFA! LOL

I’m a home owner who rents her home to makes ends meet. If they can’t pay rent, I can’t eat, buy medicine and take care of my obligations. If the bank takes my home, they will end up evicted anyway.

Not me ..may rent paid june rent already in the bank but canada is taking care of their citizens

Too bad we can’t cancel stupidity from a persons brain. landlords make investments to better themselves in life. when this is over what about a group of tenants forming business and buy property?

HOW IN THE HELL does any landloard or mortgage banker think people who either don't have a job or can't go to their job or open their business will be able to pay rent or mortgages for May, June or July? Where's the $$ supposed to come from when most states are still locked down?

Goverment is the author of this suffering, not a virus.

Cancel Rent-then who pays real estate taxes ..school taxes ..county & city taxes Oh cancel taxes ...ok then who pays for civil service Oh cancel civil service- ok then who pays for US Military to stop riots ...Fed Govt ok but they collect from states ..who collect from people

MAYBE THE DEMS IN CONGRESS WHO REFUSE TO REPORT TO WORK SHOULD DONATE THEIR SALARIES TO THOSE RENTERS ...RETWEET IF YOU AGREE..

Boa noite CNN sou brasileiro eu e minha esposa e gostaríamos de conhecer o senhor presidente pessoalmente

Cancel mortgages. Most landlords pay their mortgages with what they receive in rent.

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