Rental Landlords Lost $7.2B In Q4 From Missed Rent Payments
Millions of tenants and homeowners didn’t meet their rent or mortgage obligations in the last month of 2020, cutting into landlords' bottom lines and putting scores of people at risk of eviction or foreclosure.
Around 5 million people, more than 5% of renters and mortgage holders, skipped rent or home loan repayments during December, Bloomberg reports, citing a survey from the Mortgage Bankers Association’s Research Institute for Housing America.
In addition, 2.3 million renters and 1.2 million homeowners now fear eviction or foreclosure or will need to relocate in the next month, per the survey.
Missing rent has hit residential landlords hard. The survey showed those kinds of property owners lost $7.2B in fourth-quarter revenue. That number was down from Q3, and the survey found fewer people were worrying about their housing security than earlier in the pandemic…Read more.