As new U.S. COVID-19 cases hit record levels, renters and homeowners alike are facing unprecedented financial hardship. This fact is made starkly clear in our latest housing payment survey, in which we found 10% of households failed to make their full July payments by the end of the month, and 1-in-5 start August owing $1,000+ in missed payments.
In the first week of August, 33% failed to make their full housing payments on time.
This is the highest non-payment rate since running the survey back in April. Now that the protections and benefits provided by the CARES Act have expired, they have found that renters are actively renegotiating leases with their landlords to remain in their homes.
Key findings from the report:
- 22% of respondents have not yet made a housing payment for August, and an additional 11% have made only a partial payment. Missed payments remain common for renters and homeowners alike.
- Half of renters that have accumulated pandemic rent debt owe less than $1,000, which could be covered by the proposed relief checks debated in Congress.
- Among renters that have outstanding unpaid rent, 28% have agreed to new payment terms with their landlord or property manager. Another 21% report that such negotiations are in progress.
You can view the full report here.