Rental payments nationwide have decreased since March, according to a rental trends report by Rentec Direct.
The trend isn't surprising, as the national unemployment rate has increased almost 10 percent since this February, prior to the start of stay-at-home orders. As tenants struggle to pay their bills, rent is often the most expensive living expense with an average of at least 30 percent of a person's income.
In July, landlords and property managers received 26 percent fewer rent payments than in March. The percentage of rent payments had steadily declined since March, and had dropped an additional two percent in the last month. The lower percentage of rental payments showed that the economic burden from the COVID-19 pandemic is worse than back in March. April showed the steepest drop in rental payments at 17 percent, with the rate of rental payments slowly declining since. May saw a two percent decrease from the previous month, with an additional 5 percent decrease in June.
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Pearl Wu
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