CORONA CRISIS: Almost 1/3 of Tenants Missed April Rent Payment

(PresidentialWire.Com)- As millions of people file for unemployment benefits in the United States, the economic impact of the coronavirus lockdown has seen almost one-third of tenants across the United States miss April’s payment.

According to data from the National Multifamily Housing Council, which was published on Wednesday, the number of people who missed the first week’s payment in April rose by around 60% since the beginning of last month.

In an official statement, the president of NMHC Doug Bibby explained how the response to the coronavirus outbreak is causing financial difficulty for residents and building owners.

“The COVID-19 outbreak has resulted in significant health and financial challenges for apartment residents and multifamily owners, operators and employees in communities across the country,” he said.

“However, it is important to note that a large number of residents met their obligations despite unparalleled circumstances, and we will see that figure increase over the coming weeks. That is a testament to the quick, proactive actions taken by NMHC members who put forward bold solutions.”

The data looked at 13.4 million examples, with 31% of those missing April’s rent payment in the first week of the month. That was an increase of 19% of people who missed the same payment in March. The data may, however, be partly incorrect. Renters who only made partial payments will have been counted as having paid in full, meaning there may be more people who did not complete payments. However, it may also be slightly less as that data could have failed to count people who pay with a paperless option.

President Trump signed a massive $2 trillion relief bill at the end of March which included direct payments to Americans to assist with household bills. However, it may be some weeks until those payments are available. The same is true in other countries issuing financial support to citizens. In the United Kingdom, the government introduced measures to pay peoples’ salaries if they lose their jobs, however many people are still waiting for support.