A new report from the company Phoenix American says unemployment support has been key in allowing people to pay rent during the coronavirus pandemic.
The report details the economic havoc caused by the coronavirus pandemic, noting losses in jobs were "concentrated in lower-wage hourly jobs in sectors such as retail and hospitality."
"Because low-wage workers are more likely to be renters than homeowners, the apartment industry braced for a wave of missed payments. The expected calamity has not yet materialized," the report reads. "Through the end of July, tenants of professionally managed apartments missed rent payments only about 2-3 percentage points more than historical norms."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ryan Tarinelli
Ryan Tarinelli is a reporter at the New York Law Journal. He is based at the New York State Capitol in Albany, New York. He can be reached through email at [email protected]. Follow him on Twitter: @ryantarinelli.
