The Rent Crisis' Ripple Effects
On election day, more than seven months into the COVID-19 pandemic, the 40 million Americans who call apartments home continue to feel its economic consequences, leaving many unable to pay rent.
In fact, 32 percent of renters entered September with pandemic-related rental debt, and experts are predicting a $34 billion deficit in rent paid by January 1.
At the same time, housing providers also are struggling to pay their bills, including property taxes, mortgages, payroll, maintenance and capital improvements, putting at risk a housing stock that was already suffering from supply issues pre-pandemic and further straining housing affordability.
NAA President & CEO Bob Pinnegar, in his latest column for the Washington Post, outlines the concept of direct rental assistance and how it helps, a subject that all current and prospective rental housing residents should understand to help realize what’s at stake.