Landlords across the country are anticipating fewer people will be able to pay rent in May than April. But they are even more worried about what comes in the months after. By the last week of April, rent payments were not too far off from historical averages, according to the National Multifamily Housing Council. By then, 92% of the market-rate rental households the council tracks made full or partial payments, compared with 95% who paid by the same time in March — before coronavirus started shutting down businesses across the US. But with nearly 20% of the labor force claiming unemployment since mid-March, the ability of many people to pay their rent is fraying. In cities like New York, Chicago, Detroit and Oakland, tenant rights groups are already calling for rent strikes, demanding the cancellation of rent during the crisis. More from Success Can you pay the rent on May 1? Here’s what to do if you can’t What happens when your employer cuts your pay? More small business loans are on the way. Here’s what you need to know Renters might have had an initial safety net to pay in April, said Robert Pinnegar, president of the National Apartment… Read full this story
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