There are widespread household struggles and uncertainties stemming from the COVID-19 pandemic, the National Multifamily Housing Council reports. And the data from their report illuminates the need for a federal renter assistance payment program that will provide relief to affected households and help stabilize the housing and financial systems. Here's why this matters.
According to the data in the NMHC report, 19.4% of all renters that responded to The US Census Bureau's new weekly survey, aptly named the Household Pulse Survey, were unable to pay their rent on time or deferred their rent last month. (Note this is not an overall monthly rent payment measure.)
The Census Bureau, so far released three weeks of data and their most recent round of data from May 14-19 garnered approximately 133,000 responses (respondent age range 18-65+).
Loss of employment income was a factor for not paying rent.
The report notes that in the May 14-19 survey 48.5% of all respondents reported that either they or another adult in their household had lost employment income since March 13, due to the onset of widespread closures related to the COVID-19 pandemic. In the previous two weeks of the survey, the percentage points were 47.5 and 47 respectively.
However, when excluding respondents age 65 or older, those who experienced loss of employment income jumps to 54.3 percent in the May 14-19 survey, according to NMHC's loss of income by age data.
And, the ability to pay next month's rent is also bleak.
The data also indicated that 34.2% (over one-third) of renter respondents have no or only slight confidence in their ability to make next month's rent payment. And, renter households where there has been a loss of employment income, 46% of those respondents have no or slight confidence in their ability to pay next month's rent.
Because the future is uncertain. Help is needed.
By measuring the impact the COVID-19 pandemic has had on the country the NMHC is suggesting the need for a widespread renter assistance payment from the government because COVID-19 pandemic impacted households'—particularly renters—will struggle to meet future financial obligations.
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