More renters are unable to make their monthly payments, and that is having an outsized impact on the nation’s “mom and pop” landlords.
Nearly a third of renters who live in single-family or small multifamily properties owned by individual landlords were unable to pay their August rent, according to a survey by Avail, a technology and marketing platform for small landlords. That is up from just under 25% in July. Avail received responses from 2,225 landlords and almost 3,000 renters.
The main reason for their inability to pay was loss of employment or reduced income. Additional unemployment benefits put in place when the coronavirus pandemic hit were helping tenants to keep up with their rent, but those recently expired, and a growing number of renters are now missing their payments during a standoff between D.C. Republicans and Democrats over a relief package.
On the other end of the equation, about a third of small landlords rely on that rent for the bulk of their income.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.