12.8 million owe average of $5,400 from missed rent payments

[Account Closed]

wHAT? mE wORRy?

2021 is going to be Rough no matter Who is running the asylum.

(By the way, did you know that renters who can no longer pay rent can probably get rid of the rent back payments by filing bankruptcy? And, No, you as a landlord don't get anything out of it. Doesn't that just warm your knickers?)

The Crashing Rental Market Could Set Off The Next Housing Crisis

From Zerohedge

"There's not doubt that many renters - including many businesses - don't have the means they once did to pay their rents.

And though we knew the fall in prices was likely to get worse before it got better, the Wall Street Journal is taking it one step further and now asking the question of whether or not the rental price plunge could actually set off the next housing crisis.

Another question also remains: how bad will the eviction scene be when the protections against eviction put into place by federal and local government expire? It is estimated that such moratoriums may wear off by January 2021, or even sooner. At that point, renters will need to pay up for the months they've missed."

During the beginning of the pandemic, many households made a shift to credit cards to try and stay afloat.

"Kate Bulger, a financial counselor specializing in housing debt at the
Money Management International counseling firm, said: “Even if now they
are able to make their rent payment, that huge inflation to their
credit-card debt has become a new threat to their budget and their
ability to cover all their expenses.”

[Peter Tverdov]

Where would they actually get that data from? We manage 100+ houses in NJ with low income tenants and student tenants (i.e. volatile groups who claim hardship to pay) and we've collected 99% of rents.