COVID-19 Impact on Renter’s
The first week of April began to uncover the economic burden the coronavirus pandemic is exerting on the country’s 44 million renter households.
As industry experts anticipated in March, when monthly lease payments came due across the country on April 1, tenants struggled to cover their bills.
“We were actually, unfortunately, surprised by how bad the situation was for renters,” says Laurence Jankelow, cofounder and chief operations officer of Avail, a software company that provides management solutions to over 160,000 mom-and-pop landlords.
In a survey conducted in the week of March 30, Avail found that 54% of renters reported a job loss due to the coronavirus crisis, which triggered 10 million unemployment claims nationwide in the second half of last month.