Most evictions for unpaid rent have been halted since the early days of the pandemic and there are now more than 15 million people living in households that owe as much as $20 billion in back rent, according to the Aspen Institute, the Associated Press reported. A majority of single-family rental home owners have been impacted, according to a survey from the National Rental Home Council, and 50% say they have tenants who have missed rent during the pandemic. Smaller landlords with fewer than four units, who often don’t have the financing of larger property owners, were hit especially hard, with as many as 58% having tenants behind on rent, according to the National Association of Realtors. More than half of back rent is owed to smaller landlords. Many landlords are saddled with tens of thousands of dollars in lost rent — money that was meant for retirement, a college fund or for their investors, who themselves had sought a safe investment. They are maxing out credit cards or dipping into savings to pay property taxes, staff salaries, insurance, water bills and maintenance. Landlords, big and small, are most angry about the moratoriums, which they consider illegal. Many believe some tenants could have paid rent, if not for the moratorium. And the $47 billion in federal rental assistance that was supposed to make landlords whole has been slow to materialize. By July, only $3 billion of the first tranche of $25 billion had been distributed. Many landlords are saddled with tens of thousands of dollars in lost rent — money that was meant for retirement, a college fund or for their investors, who themselves had sought a safe investment. They are maxing out credit cards or dipping into savings to pay property taxes, staff salaries, insurance, water bills and maintenance.
