Now we know just how difficult: Nearly a third of American renters didn’t pay their rent this month.
Of more than 13 million units in the US that the report covered, 69% of renters paid their rent between April 1 and 5. During the same period in April 2019, 82% of households paid their rent on time, the report said.
And just last month, 81% of renters paid rent by March 5.
It’s evidence of just how the coronavirus pandemic is devastating the US job market, and as a result, Americans’ financial health.
The federal government’s $2 trillion stimulus bill will pad some Americans’ falls: Renters in federally subsidized affordable housing can receive aid, including a 120-day moratorium on evictions and late fees.
But most rental properties are owned by private landlords and therefore aren’t eligible, though some multifamily landlords with federally backed mortgages may receive a forbearance on their payments as long as they don’t evict their tenants.