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According to Rentec, the number of tenants unable to pay rent in full has increased with each month of the pandemic. As of September 10th, rent payments received nationwide by property managers and landlords they polled were 35% lower than rent received for the same period in March.
At the same time, Brookings Institute researchers found a tenant’s inability to pay rent has a disproportionate impact on landlords making less than $50,000 a year, who are also more likely than higher earners to have lost a job or employment income during the recession.
Their research shows that roughly a third of individual landlords who own residential property are from low-to moderate-income households (those with incomes of less than $90,000 a year). Rent makes up 19% of household income for those making less than $50,000 a year, and 15% for those making $50,000 to $89,000 a year. By comparison, residential landlords who make more than $200,000 a year derive about 5% of their annual income from rent.
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Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.
