(FreedomJournal.org)- Remember when the federal government was encouraged to introduce legislation to give relief to renters across the United States, in response the COVID-19 lockdown measures? It looks like the panic may not have been all that necessary. New data suggests that almost nine in 10 renters still paid for their rent in May.
That’s despite the New York Times warning in March that as many as 40% of renters in the United States might not be able to make their rent payments by April. It was one of several forecasts from major news outlets that fueled concern from landlords about losing money and being stuck, unable to evict tenants who didn’t pay their bills. Many called for a moratorium on rent payments across the country, but for one reason or another, such a measure didn’t prove necessary in the end.
According to data from the National Multifamily Housing Council, some 89% of apartment households made either a full or partial payment to landlords by June 13. That was a 01% increase from the year previous, suggesting people were more likely to pay their rent during a global pandemic than they were last year when the economy was booming.
It’s even an improvement over the number of people who paid rent up to May 13.
The figures come from a large survey, too, having looked at 11.4 million people across the United States.
The data came as a shock to many. Tens of millions of Americans are currently unemployed, but despite this, continued paying rent. Government assistance as increased during the time of the pandemic, however, giving people an additional $600 per week to help during their period of unemployment. This additional aid won’t be available forever, however. Once it comes to an end and people get back out on to the job market, it’s possible that rent payments may slide.
It all depends on how quickly, and how well, the American job market bounces back. If the economy doesn’t bounce back as quickly as President Donald Trump hopes, and government aid returns to pre-COVID levels, rental landlords may be in for a spike in missed payments.