Number Talk: Impacts of COVID-19 on landlords

If you’re thinking of getting into the rental property market, you should know that COVID-19 is having a significant impact on many landlords, but it’s nowhere near the norm. According to a nationwide survey by the National Multifamily Housing Council (NMHC), 30% of tenants couldn’t pay their rent on time in April, and nearly ¼ of Americans had difficulty paying rent at all.

But it’s worth noting that less than 3% of historically on-time tenants were late or defaulted on their payments. Additionally, renters paying less than $1,000 and over $5,000 per month were more likely to be late or default. This is primarily tenants in service industries with low incomes and students in overpriced rental housing near universities.

Meanwhile, the vast majority of landlords have tenants who are still paying on time, so don’t count yourself out of the rental property market yet!