America is bracing for a rental crisis.
Soaring unemployment means many more tenants will not be able to pay rent.
Before the crisis, renters made less than half of the average homeowner’s salary—$40,000 compared to $78,000. Now an increasing number are unable to pay what they owe for housing each month. According to the National Multifamily Housing Council, 69% of tenants paid their rent for April 1, compared to 81% on March 1 and 82% for April 1 of last year.
Pleas for government help are rising, as are calls for rent strikes. Tenants, homeowners and landlords are all in need of aid.
“Housing is a foundational element of every person’s well-being,” wrote Chris Herbert, managing director for the Joint Center for Housing Studies at Harvard University. “With widespread unemployment, renters and homeowners alike face the prospect of not being able to meet their monthly housing payments.”
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