The new normal: Supporting the residential rental market beyond the pandemic
COVID-19, stay-at-home mandates, and job loss impact us all. When renters must juggle food purchase or rent, the trickle-down effect on managing agent and landlord cashflow and their own ability to meet obligations is significant. It’s time for a solution that ensures renters can continue to pay their rents and make landlords whole beyond the pandemic.Why do renters and landlords need help?COVID-19-related job loss is not to be understated. Even pre-pandemic, the statistics are astonishing. 30-50% of American after-tax income already goes to housing expenses, and 78% of workers live paycheck to paycheck. That leaves most renters with no safety net when they lose their job or become disabled and unable to work. Missed rent payments can have a lasting impact on tenants, and the eviction process is expensive and time consuming for landlords.Even before COVID-19, there weren’t many programs designed to help the 36% of American renters, who, as a population, are more vulnerable than homeowners.