- New data show that nearly 1/3 of U.S. renters did not pay rent for the month of April.
- The Covid-19 pandemic continues to ravage economic life for workers in the U.S.
- Only 69% of tenants paid any rent between April 1st and 5th.
New data from the National Multifamily Housing Council and a consortium of real-estate data providers show that almost 1/3 of renters did not pay rent for the month of April by the end of the first week of the month.
Only 69% of renters paid April between the first to the fifth of the month, compared with 81% during the first week of March. In April of 2019, the corresponding figure was 82%.
The stark numbers are the first monthly data available since the beginning of the Covid-19 pandemic which was caused unemployment to spike, roiled stock markets, and caused retail sales to fall at historic rates.
As aid has begun to flow from the massive $2 trillion dollar CARES act passed by congress, many in the U.S. have been unable to secure adequate, or in some cases any, aid to blunt the economic damage done by the pandemic and subsequent economic chaos.