{"id":70963,"date":"2020-04-15T17:29:32","date_gmt":"2020-04-15T21:29:32","guid":{"rendered":"https:\/\/www.businesspundit.com\/?p=70963"},"modified":"2020-04-28T18:52:40","modified_gmt":"2020-04-28T22:52:40","slug":"rent-and-coronavirus-a-housing-crisis-in-the-making","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/rent-and-coronavirus-a-housing-crisis-in-the-making\/","title":{"rendered":"Rent and Coronavirus: A Housing Crisis in the Making"},"content":{"rendered":"\n
\"Rent<\/figure><\/div>\n\n\n\n

In America’s big cities there have long been complaints that the rent is unaffordable. Nationally, apartment rent has increased by 150% in the last ten years<\/a>. Middle-income Americans were already struggling to pay rent before the global pandemic.<\/p>\n\n\n\n

Is a housing crisis imminent?<\/h2>\n\n\n\n

Coronavirus has multiplied the struggle for both renters and landlords<\/strong> not only in cities but across the entire country. While 16 million Americans have filed for unemployment benefits over the last three weeks, many have fallen behind on rent payments.\u00a0<\/p>\n\n\n\n

These workers still need housing and landlords still need the rental income but with so many coming up short all across the country a housing crisis is brewing<\/strong>. With more than 1\/3 of homes in the US being rentals, landlords are being forced to make concessions that some cannot afford.<\/p>\n\n\n\n

Landlords and tenants alike are looking to Congress to step in and help divert a rental market disaster.<\/h4>\n\n\n\n

For renters, the CARES Act<\/a> has suspended evictions and property foreclosures for 60 days<\/strong>. However, when this moratorium expires experts fear that the homeless population, especially in big cities, will skyrocket.<\/p>\n\n\n\n

Housing experts also predict that rent prices will drop significantly<\/strong> following the coronavirus pandemic<\/a>. Vacation rentals are already taking a big hit, as quarantine measures have eliminated pleasure travel.\u00a0<\/p>\n\n\n\n

Other rental properties will be vacated as renters move in with family members, become homeless or in the best-case scenario, are able to purchase homes while interest rates are low<\/strong>.<\/p>\n\n\n\n

Millions of renters were unable to make their rent payments in April. It is expected that even more will struggle to pay in May. <\/strong>

Some renters are banding together in rent-strikes and are pushing for rent forgiveness during the pandemic. But mortgage payments on properties will still need to be made, even if deferred, so rent forgiveness is a hard pill to swallow for landlords.<\/p>\n\n\n\n

Landlords and tenants will need more help than the CARES Act provides to avoid a monumental housing crisis in the coming months.<\/h4>\n\n\n\n

As the coronavirus pandemic seemingly has peaked in the US, Americans are looking forward to a return to normalcy. But that will not be as simple as it sounds as renters and landlords look for viable solutions to stay afloat.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coronavirus has multiplied the struggle for both renters and landlords not only in cities but across the entire country. Is a housing crisis imminent?<\/p>\n","protected":false},"author":74,"featured_media":70964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1197],"tags":[],"class_list":{"0":"post-70963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=70963"}],"version-history":[{"count":3,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70963\/revisions"}],"predecessor-version":[{"id":71373,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70963\/revisions\/71373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/70964"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=70963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=70963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=70963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}