Study Finds 59% of Renters Used All or Some of Stimulus Check to Cover Rent
According to a recent study by Entrata, 59% of renters used all or some of their stimulus checks to cover rent during recent lockdowns resulting from the coronavirus. Their survey was conducted with 1,037 adult renters and collected between August 11th and September 3rd.
“COVID-19 has affected people all over the world, and U.S. renters are no exception,” said Chase Harrington, Entrata President and Chief Operating Officer. “Our study shows that renters struggled to pay their full rent during the lockdown period, but in many cases, residents and management were able to come together to find a compromise and help ensure people were able to keep a roof over their heads…”
Other key findings included:
- Over 78% of renters made significant cuts to their regular spending during COVID-19.
- Over 66% of renters whose management waived late fees took advantage of the opportunity to pay rent later in the month.
- On average, 22% of renters requested a postponement or cancellation of rent with 17% being unable to pay rent due to the coronavirus.
- Nearly 20% of renters said they didn’t have any savings.