Tenants are largely still paying rent as government funding dwindles, report suggests
About 87 percent of apartment households paid rent in full or partially by Aug. 13, new data shows but that could change as government funding dwindles
Apartment dwellers nationwide are still making monthly rent payments despite the lack of government aid and high unemployment, a new report suggests.
Around 87% of those living in apartments paid rent in full or partially by Aug. 13, new data from the National Multifamily Housing Council’s Rent Payment Tracker, which surveys 11.4 million professionally managed apartment unions nationwide, found as reported by The Real Deal. The data shows it was just a 2-point decrease compared to the same time period last year, before the coronavirus-fueled economy crash.
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But as government funding from the $2.2 trillion CARES Act, which Congress passed in March, continues to dwindle, that could soon change following the expiration of the $600 per week in federal unemployment benefit last month, as millions of Americans remain unemployed. (Unemployed Americans are slated to start getting an extra $300 a week in jobless aid President Trump promised at the end of August, according to a memo from the Federal Emergency Management Agency (FEMA), which will administer the funds.)
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But while the economy is showing growth, less than half of the 22 million jobs lost during the pandemic — about 42 percent — are still lost. And more urbanites continue to flee populous cities, which are experiencing a resident exodus.
Indeed, over 16,000 New Yorkers changed their residence to Connecticut during the first three months of the pandemic in March, the Hartford Courant reported. And some residents reported leaving the Empire State for places like North Carolina, California, Florida or Texas. There are record apartment vacancies in New York City, which was an epicenter for the coronavirus earlier this year.
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With statewide eviction bans slated to expire across the country, many tenants who can’t afford to pay their rent any longer may be at risk for losing their housing. A separate survey by the National Coalition for a Civil Right to Counsel on July 29 found that 43% of renters were unable to make rent and were at risk of being evicted.