Third of U.S. Renters Have Low Confidence in Making Next Payment
(Bloomberg) -- As new cases of Covid-19 rise across the U.S. and stall many state reopening plans, almost 13% of renters say they have “no confidence” in their ability to pay next month’s rent.
An additional 20% only have “slight confidence” in making the payment, according to a U.S. Census Bureau survey conducted from June 25 to June 30.
Federal and local authorities have imposed curbs on evictions during the pandemic, but there’s growing concern that tenants across the country will be at risk when those measures expire, which in many cases means this month.
For example, the CARES Act -- the main virus relief bill approved by Congress -- imposed a moratorium on evictions from properties whose mortgages are financed by federal agencies like Fannie Mae, an estimated 12.3 million homes. The protection is due to run out on July 25.
A separate survey by Apartment List, a search firm, found that fear of eviction has escalated. More than one-in-five renters say they are “very” or “extremely” concerned about being thrown out in the next six months, up from 18% in June.
Read More: NYC Rental Market Pushed to Breaking Point by Tenant Debts
The worst-affected cities include Houston and Philadelphia, according to the Census survey. In the Houston area, more than one-quarter of renters have zero confidence in being able to pay next month. When those with “slight” confidence are added, the share rises above half -- representing more than 1 million households.
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