Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Rental Housing Crisis!
If you’re struggling to make that happen, you are not alone. According to Edison Research, over 62% of renters are concerned about being able to make the rent. Welcome to the newest symptom of the coronavirus: the 2020 Rental Housing Crisis. With over 43 million renters nationwide, the rental market makes up nearly 40% of all housing in the USA, where at least 20 million jobs were lost in April. While out-of-work renters scramble to make their payments, landlords are wondering how to service an avalanche of debt and unpaid taxes. Rental Housing Crisis!
Congress has included relief for homeowners with government-backed mortgages, as part of the $2.2 trillion rescue package that passed in March – but what about the rental marketplace? In Maryland, Governor Mark Hogan has declared a state of emergency due to the coronavirus, effectively stopping all rental evictions and repossessions in his state. But in Arkansas, Ohio, Georgia and 20 other states, there are few protections for renters, according to Bloomberg News.
In Philadelphia, Bloomberg reports that Shane Riggins, age 31, has joined a movement to boycott rent payments. He’s been able to make his payments for April and May, but since losing his job at a local law firm, he’s unsure about what to do next – will he have enough money to weather the storm of this financial crisis? He says, “Every time I pay rent, it’s taken immediately and given to a bank. Is that really, in this crisis, the best use of money?” Unemployment numbers are escalating as workers in the restaurant industry, travel, tourism, retail and other scorched markets are wondering where the rent check is going to come from.
Princeton University has put together a state-by-state scorecard, featuring the number of renters in each state as well as a rating for current housing policies. While many states are slowly reopening the economy, places like Los Angeles County have introduced additional stay-at-home orders. But opening the economy introduces its own set of risks, which go far beyond a few missed payments. Unfortunately, we remain in the dark regarding so many aspects of the coronavirus. Balancing economic concerns with medical guidance is an even bigger challenge than these housing issues. Meanwhile, renters and landlords are getting crushed, with little relief in sight. Rental Housing Crisis!
The inspiration for today’s edition came from this original article: https://www.forbes.com/sites/chriswestfall/2020/05/13/why-renters-and-landlords-are-getting-crushed-the-rental-housing-crisis-has-arrived/#4f3766797eee
If you are seriously considering moving right now you need to take action right now and talk to a reputable Real Estate & Mortgage Broker today, please call 281-222-0433 or visit: