Nov 19

Where Renters Are Lagging on Payments

Where Renters Are Lagging on Payments

Amid the coronavirus pandemic, nearly one in six renters are late on their payments, according to a LendingTree analysis reflecting data from late September to early October. Further, more than one in four renters say they have no confidence or are only slightly confident in being able to make next month’s payment.

A federal eviction moratorium will expire Dec. 31. That could leave many renters without a home and property managers with missed payments and fewer tenants. The National Association of REALTORS® has been advocating for rental assistance. Read more: Encourage Tenants to Seek Rental Assistance

LendingTree recently analyzed in which areas around the country renters are struggling with their payments the most. Topping the list, 29% of Mississippi renters are behind on payments, nearly double the nation’s average rate of 16.2%. Louisiana follows with a 28.3% default rate and Tennessee with a 24.8% rate.

The 10 states seeing the highest percentage of renters behind on their payments have a median household income below the national average (excluding New York). “That can make it more difficult to stay up to date with rent, especially during a pandemic,” LendingTree notes.

 

The age demographic most behind on rent are those between the ages of 40–54 (22.2% of renters in that age segment are struggling), the LendingTree study finds. The 65 and older age group (7.2%) and the 18-to-24 age group (11.1%) are reporting some of the fewest instances of falling behind on rent.

In many areas, renters aren’t feeling any better about their finances. The following states have the most renters who have expressed the least confidence in making their next month’s payment:

  • Mississippi: 46.5%
  • Louisiana: 42.8%
  • Iowa: 37.3%
  • Pennsylvania: 33.9%
  • Florida: 33.4%
  • Connecticut: 31.5%
  • New York: 30.7%
  • Delaware: 29.9%
  • Michigan: 29.1%
  • Alabama: 29%

On the other hand, in some states, renters are doing much better and appear to be less affected by the pandemic. The states in which the fewest renters are falling behind are Montana (4.2%), Vermont (6.8%), and Utah (8%).

Source:
“Renters in Mississippi, Louisiana and Tennessee Have Fallen the Most Behind on Payments,” LendingTree (Nov. 10, 2020)
©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.