20% of U.S. renters didn’t pay the rent on time this month

20% of U.S. renters didn’t pay the rent on time this month

A growing number of Americans are having trouble making the rent amid a historic surge in unemployment around the U.S. Nearly 20% of renters didn’t pay the monthly rent by May 6, up from 18% a year ago, according to data from the National Multifamily Housing Council.

That increase amounts to some 300,000 renters failing to make even a partial payment. More positively, especially for landlords, the latest numbers show an improvement from April, when nearly a third of Americans failed to pay rent by the 5th day of the month.

“[F]or the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so,” Doug Bibby, NMHC president, said in a statement.

That more people were able to make rent this month may suggest that Americans are benefiting from federal stimulus payments and enhanced unemployment benefits. About 80% of that stimulus money has been sent out, the IRS announced Friday. States are also catching up to record-high filings for jobless benefits, and about three-quarters of workers who filed a claim are now receiving some cash.

Source: CBS

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