The Power Is Now Magazine | November, 2021

Page 16

Survey:

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ndoubtedly, the Covid-19 pandemic has had a tremendous effect on the renter community since its emergence in 2020 in the United States. The Census Bureau’s Household Pulse Survey revealed that one in almost five renter households were behind on rent as of December 2020. Fast-forward to 2021, the rent arrears crisis sprang up as a result of the pandemic amounts to about $57B. Yet, no one knows how the rental property owners are faring in this financial constraint period. We seem bothered by the renters but forget that the landlords are also affected because without rents, their means of livelihood is cut short. From February to April this year, a survey was conducted by the Bloomberg Harvard City Leadership Initiative, the Harvard Joint Center for Housing Studies, and the Housing Initiative at Penn, with over 2,500 respondents.

How Have Landlords Survived During the Pandemic neighborhoods and communities. These neighborhoods are primarily the abode of people of color and the Hispanics. Nearly 40% of properties in these neighborhoods had 10% rental shortfalls or more compared to 30% of the properties in higher-income areas. The share of landlords that granted rental extensions increased from 15% to 48%, while those that deferred property maintenance rose from 5% to 31%. Other things landlords did to manage their portfolios during the pandemic include forgiving a portion of back rent and decreasing monthly rent. Generally, landlords of all sizes struggled to collect rent in 2020. As the number of rental units in one’s portfolio increases, so are the chances of at least one unit falling behind in rent. It isn’t that the renters are refusing to pay their rents intentionally, the financial strain caused by the

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RENT COLLECTIONS WAS DOWN IN 2020 COMPARED TO 2019 The researchers discovered that the number of landlords who collected 90% or more of their charged rent per year fell from 89% to 62%. Additionally, only about 9% of landlords collected less than half of their yearly rent in 2020. This implies that the amount of rent they collected dropped massively in 2020 due to the pandemic. Non-rental payment rose disproportionately in lower-income 16 l

THE POWER IS NOW MAGAZINE | NOVEMBER 2021


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Thanksgiving Day

5min
pages 134-138

Veteran’s Day

3min
pages 132-133

The Role Of Lenders in Increasing Minority Homeownership

14min
pages 120-125

Here’s how to help your kids cope with a move, by Joe Fisher.

4min
pages 113-115

Analysis: Two Months After Moratorum’s End, How is the Foreclosure Activity

3min
pages 118-119

National Epilepsy Month

2min
pages 130-131

Why is it mandatory in California when you finance a house to get insurance?, by Success Money.

3min
pages 109-112

National American Indian Heritage Month

9min
pages 126-129

L.A’s topmost affordable neighborhoods, by Adrian Bates.

6min
pages 105-108

Four Legal Problem Areas In Real Estate

5min
pages 116-117

Fireproofing your house in Whittier, by Briana Frazier.

4min
pages 101-104

Tips For Buyers: Are You asking Your Agent all the right questions?, by Cornelius Jackson.

6min
pages 81-84

San Diego Housing Market Statistics for Q4, 2021, by Denise Matthis.

4min
pages 93-96

How to avoid falling victim to fraudsters in the homebuying process, by Danon Burnside.

4min
pages 89-92

Meet Alana McCargo, President of Ginnie Mae.

10min
pages 74-80

How to get a good deal during the holiday season, by Robert Langston.

3min
pages 97-100

Real estate market update: A Snapshot of Corona Housing Market, by Jenny Gonzalez.

4min
pages 85-88

The True cost of selling a house (What’s your net?), by Ruby Frazier.

5min
pages 71-73

Here are some of the things that will affect your home’s resale value, by Kamesha Keesee.

6min
pages 67-70

Arizona Housing market Insights for Q4 2021, by Peggie Simons.

5min
pages 63-66

5 red flags Veterans and Military homebuyers in Arizona should watch out for when buying a home, by Yvonne McFadden.

5min
pages 59-62

Which mortgage is right for you? Part Two. Understanding the Types of Mortgage Terms, by Sharon Bartlett.

5min
pages 43-48

What do you do when you have multiple offers (and are all good?), by Adriana Montes.

7min
pages 53-58

Here’s how to prepare yourself for homeownership while renting, by Johnnie Morine.

6min
pages 39-42

Commercial Real Estate in the Digital Age: Is Customer service as important, by Steve Peterson.

3min
pages 31-34

How to value your home accurately in San Francisco, by Norman Green.

6min
pages 35-38

Do you know how to spot a rental assistance scam in Maryland?, by Emerick Peace.

2min
pages 49-52

Some words on Dave Shappelle, by Gary Acosta.

7min
pages 26-30

Re-imagining Rural America: Reviving Our Communities by Tapping and Leveraging Community Assets

2min
pages 18-19

Clubhouse 101: A Real Estate Agent’s Guide to the Newest Social Networking App

2min
pages 24-25

California’s High Cost of Housing: Cost and Consequences to the Economy

3min
pages 14-15

PropTech: Does The Industry Fully Understand The Massive Potential of this

2min
pages 22-23

Survey: How Have Landlords Survived During The Pandemic?

3min
pages 16-17

Tech On Climate: Facebook’s New Sustainability Goal To Restore more water than it uses by 2030.

3min
pages 10-13

Changes to the GSEs Capital Rules and How they AFfect the Lending Landscape.

2min
pages 20-21

California’s Climate Change War: Almost Lost it....But The State Is Back On Track!

3min
pages 8-9
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