The coronavirus pandemic has caused disruption in the rental market and it’s likely to get worse.
New rental housing supply has focused more on higher-end rentals since 2010, while demand has continued to increase for low to moderately priced rental units.
Harvard Joint Center for Housing Studies’ recent report also found that the majority of lowest-income renters spend more than half of their monthly income on rent.
State and city governments have recently stepped in to help with unpaid rent with new rental assistance programs.
The good news is that National Multifamily Housing Council (NMHC) found that 84% of renters made a full or partial rent payment by April 12th, which is helpful for landlords to maintain safe rental properties.
The goal of the rental industry, which contributes $3.4 trillion to the economy and supports 17.5 million jobs, is to keep people safe in their homes.
“Pinnegar said emergency rental assistance would provide much-needed support to cost-burdened renter households and rental housing providers.”