Millions can’t pay rent. Landlords making less than $50,000 a year are caught in the middle


Millions can’t pay rent. Landlords making less than $50,000 a year are caught in the middle
Mom-and-pop landlords are in a worse financial position relative to their higher-earning peers as unemployment remains elevated and Americans continue to struggle to pay rent, according to a new analysis. Roughly a third of individual landlords who own residential property are from low- to moderate-income households (those with incomes of less than $90,000 a year), according to researchers at the Hamilton Project, an economic policy arm of the Brookings Institution, a left-leaning think tank. Key Points Residential landlords who make less than $50,000 a year get a bigger share of their annual income from rent than higher earners, according to the Hamilton Project. That means a tenant’s inability to pay rent has an outsized impact on such landlords, who are also more likely than higher earners to have lost a job or employment income during the recession. ...more RSK: This is not good for Mom & Pop owners of small income properties. Tenants stressed and can`t pay is putting pressure on many of them. Heather Ewing: It is sad but true. A survey by the Central Business Improvement District of 100 of the 152 businesses on State Street has revealed that 40 of those businesses are unlikely to reopen.

- - Volume: 8 - WEEK: 40 Date: 9/29/2020 8:12:00 AM -

Mom-and-pop landlords are in a worse financial position relative to their higher-earning peers as unemployment remains elevated and Americans continue to struggle to pay rent, according to a new analysis.

Roughly a third of individual landlords who own residential property are from low- to moderate-income households (those with incomes of less than $90,000 a year), according to researchers at the Hamilton Project, an economic policy arm of the Brookings Institution, a left-leaning think tank.

Key Points

Residential landlords who make less than $50,000 a year get a bigger share of their annual income from rent than higher earners, according to the Hamilton Project.
That means a tenant’s inability to pay rent has an outsized impact on such landlords, who are also more likely than higher earners to have lost a job or employment income during the recession.

...more

RSK: This is not good for Mom & Pop owners of small income properties. Tenants stressed and can`t pay is putting pressure on many of them.

Heather Ewing: It is sad but true. A survey by the Central Business Improvement District of 100 of the 152 businesses on State Street has revealed that 40 of those businesses are unlikely to reopen.