{"id":113683,"date":"2021-03-22T04:09:05","date_gmt":"2021-03-22T11:09:05","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=113683"},"modified":"2021-03-22T08:04:24","modified_gmt":"2021-03-22T15:04:24","slug":"covid19-rental-housing-initiative","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/real-estate-news\/covid19-rental-housing-initiative\/","title":{"rendered":"How $1 of Rent Translates to Billions Going Back into Local Communities"},"content":{"rendered":"<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li><span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\">90 cents of each dollar paid on rent\u00a0<\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW123522092 BCX0\"><span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\">go towards<\/span><\/span><\/span><span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\"> taxes, wages, maintenance and improvements, and mortgage payments, while only <\/span><\/span><span class=\"TrackChangeTextInsertion TrackedChange SCXW123522092 BCX0\"><span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\">10 cents<\/span><\/span><\/span><span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\">\u00a0belong to owners and investors.\u00a0<\/span><\/span><\/li>\n<li>An amassed rent debt of $60 billion since the start of the pandemic may trigger a butterfly effect across local communities.<\/li>\n<li>Since many housing providers operate on thin margins, <span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">the recently approved stimulus package will help <\/span><\/span><span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">fill the gap in cashflow and keep <\/span><\/span><span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">afloat\u00a0<\/span><\/span><span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">an industry that<\/span><\/span><span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">\u00a0provides\u00a0<\/span><\/span><span class=\"TextRun SCXW89308906 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW89308906 BCX0\">housing for 40 million Americans.<\/span><\/span><span class=\"EOP SCXW89308906 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">The American Rescue Plan signed by President Biden\u00a0<\/span><span data-contrast=\"auto\">on March 11 <\/span><span data-contrast=\"auto\">brings\u00a0<\/span><span data-contrast=\"auto\">much-anticipated<\/span><span data-contrast=\"auto\">\u00a0relief to million<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\"> of American families, both renters and housing providers<\/span><span data-contrast=\"auto\">. Meant to h<\/span><span data-contrast=\"auto\">elp<\/span><span data-contrast=\"auto\"> those <\/span><span data-contrast=\"auto\">struggling financially because of the pandemic<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">the bill<\/span><span data-contrast=\"auto\"> comes with $21.55 billion<strong>\u00a0<\/strong>in emergency rental assistance, in addition to $25 billion in aid received in December, bringing the total to about $46 billion. The funds are expected to help offset a total <a href=\"https:\/\/www.urban.org\/urban-wire\/many-people-are-behind-rent-how-much-do-they-owe\" target=\"_blank\" rel=\"noopener\">rent debt close to $60 billion<\/a>, triggering a butterfly effect across local communities<\/span><span data-contrast=\"auto\">, particularly visible when you look at where one dollar of rent goes.\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A recently launched Yardi-sponsored initiative called<\/span><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/\"><span data-contrast=\"none\">COVID-19 Rental Housing Initiative<\/span><\/a><span data-contrast=\"auto\"> breaks down a $1 worth of rent to show that up to 90% of it has direct impact on the local economy. The initiative is <\/span><span data-contrast=\"auto\">a\u00a0<\/span><span data-contrast=\"auto\">new\u00a0<\/span><span data-contrast=\"auto\">resource for renters and\u00a0<\/span><span data-contrast=\"auto\">housing operators <\/span><span data-contrast=\"auto\">backed by four major apartment associations (<a href=\"https:\/\/www.irem.org\/\" target=\"_blank\" rel=\"noopener\">IREM<\/a>, <a href=\"https:\/\/www.naahq.org\/\" target=\"_blank\" rel=\"noopener\">NAA<\/a>, <a href=\"https:\/\/www.nmhc.org\/\" target=\"_blank\" rel=\"noopener\">NMHC<\/a>, <a href=\"https:\/\/www.narpm.org\/\" target=\"_blank\" rel=\"noopener\">NARPM<\/a>). It includes valuable resources for renters addressing aspects like <a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/mentalhealth\" target=\"_blank\" rel=\"noopener\">mental health<\/a>, isolation, resiliency, anxiety and financial stress, as well as assisting property owners and operators with <a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/education\" rel=\"\">up-to-date information<\/a> about guidelines and ongoing legislation, including tips for handling business continuity, maintenance and reopening.\u00a0<\/span><\/p>\n<h4><span data-contrast=\"none\">Who benefits from rental assistance and support<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">he<\/span><span data-contrast=\"auto\">re couldn\u2019t have been a better moment for a<\/span><span data-contrast=\"auto\">\u00a0relief package<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">as a<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">cascade of debt\u00a0<\/span><span data-contrast=\"auto\">looms over<\/span><span data-contrast=\"auto\">\u00a0the\u00a0<\/span><span data-contrast=\"auto\">housing market<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Although well-intended, the extended<\/span><span data-contrast=\"auto\">\u00a0eviction moratoriums\u00a0<\/span><span data-contrast=\"auto\">expiring at<\/span><span data-contrast=\"auto\">\u00a0the end of March<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">did nothing to address renters<\/span><span data-contrast=\"auto\">&#8216;<\/span><span data-contrast=\"auto\">\u00a0underlying financial distress or the risk of housing insecurity.\u00a0<\/span>Renters deeply shaken by the COVID-19 pandemic are incurring levels of debt that they may never be able to repay.<span data-contrast=\"auto\">\u00a0\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to the\u00a0<\/span><span data-contrast=\"auto\"><a href=\"https:\/\/www.urban.org\/\" target=\"_blank\" rel=\"noopener\">Urban Institute<\/a> and <a href=\"https:\/\/www.moodysanalytics.com\/\" target=\"_blank\" rel=\"noopener\">Moody&#8217;s Analytics<\/a> estimations,<\/span><span data-contrast=\"auto\">\u00a0the average resident who&#8217;s behind on rent already owes $6,000<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">W<\/span><span data-contrast=\"auto\">ith\u00a0<\/span><span data-contrast=\"auto\">approximately 10<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">25 million renters\u00a0<\/span><span data-contrast=\"auto\">in debt<\/span><span data-contrast=\"auto\">\u00a0as of January 2021<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">the back rent reached\u00a0<\/span><span data-contrast=\"auto\">an estimated <\/span><span data-contrast=\"auto\">$57.3 billion<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">Small business owners are also at risk, as most <\/span><span data-contrast=\"auto\">h<\/span><span data-contrast=\"auto\">ousing providers\u00a0<\/span><span data-contrast=\"auto\">aren<\/span><span data-contrast=\"auto\">&#8216;<\/span><span data-contrast=\"auto\">t able to<\/span><span data-contrast=\"auto\">\u00a0cover\u00a0<\/span><span data-contrast=\"auto\">a<\/span><span data-contrast=\"auto\">\u00a0shortfall<\/span><span data-contrast=\"auto\">\u00a0of this magnitu<\/span><span data-contrast=\"auto\">de<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">M<\/span><span data-contrast=\"auto\">om-and-pop<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">landlords manage 77% of the\u00a0<\/span><span data-contrast=\"auto\">2-4-unit<\/span><span data-contrast=\"auto\"> properties in the U.S.\u00a0<\/span><span data-contrast=\"auto\">The <\/span><span data-contrast=\"auto\">emergency rental<\/span><span data-contrast=\"auto\">\u00a0assistance\u00a0<\/span><span data-contrast=\"auto\">will\u00a0<\/span><span data-contrast=\"auto\">keep people safe in their homes, businesses afloat and sustain communities<\/span><span data-contrast=\"auto\">. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-113745\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/visual-1-1.png\" alt=\"\" width=\"800\" height=\"691\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/visual-1-1.png 800w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/visual-1-1.png?resize=500,432 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/visual-1-1.png?resize=768,663 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/visual-1-1.png?resize=150,130 150w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h4 aria-level=\"2\"><span data-contrast=\"none\">Rent checks go back in<\/span><span data-contrast=\"none\">to<\/span><span data-contrast=\"none\"> the local economy <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">The largest part<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">of every dollar of rent is used to keep rental housing operational<\/span><span data-contrast=\"auto\">, as\u00a0<\/span><span data-contrast=\"auto\">90<\/span><span data-contrast=\"auto\">\u00a0cents<\/span><span data-contrast=\"auto\"> of it go<\/span><span data-contrast=\"auto\"> towards <\/span><span data-contrast=\"auto\">state and local taxes, which support essential services in the community, employee <span class=\"TextRun SCXW123522092 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW123522092 BCX0\">wages, maintenance and improvements, and mortgage payments<\/span><\/span><\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">Just 10 cents go to property owners and investors.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-113813 aligncenter\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-1-rent.png\" alt=\"\" width=\"500\" height=\"646\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-1-rent.png 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-1-rent.png?resize=387,500 387w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-1-rent.png?resize=150,194 150w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span data-contrast=\"auto\">This means that each dollar paid as rent<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">besides keeping renters safely housed, is also <\/span><span data-contrast=\"auto\">a\u00a0<\/span><span data-contrast=\"auto\">contribution to the\u00a0<\/span><span data-contrast=\"auto\">local\u00a0<\/span><span data-contrast=\"auto\">economy.\u00a0<\/span><span data-contrast=\"auto\">Rent checks are reinvested in the community<\/span><span data-contrast=\"auto\"> in the form of taxes, worker salaries and maintenance for buildings.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">By far, m<\/span><span data-contrast=\"auto\">ortgage payments\u00a0<\/span><span data-contrast=\"auto\">t<\/span><span data-contrast=\"auto\">ake up<\/span><span data-contrast=\"auto\">\u00a0the largest chunk<\/span><span data-contrast=\"auto\">\u00a0of rent<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">38 cents<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">he majority<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">of\u00a0<\/span><span data-contrast=\"auto\">small owners<\/span><span data-contrast=\"auto\">\u00a0depend on th<\/span><span data-contrast=\"auto\">is money,\u00a0<\/span><span data-contrast=\"auto\">a<\/span><span data-contrast=\"auto\">ccording to data from the COVID-19 Rental Housing Initiative<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0as<\/span><span data-contrast=\"auto\">\u00a059% of them<\/span><span data-contrast=\"auto\">\u00a0carry a mortgage<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0and many of them operate on thin margins<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">Rents in properties owned by mom-and-pop landlords are typically lower than in larger, amenity-rich communities.\u00a0<\/span><span data-contrast=\"auto\">So<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0by helping\u00a0<\/span><span data-contrast=\"auto\">families<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">pay the rent,<\/span><span data-contrast=\"auto\"> the federal<\/span><span data-contrast=\"auto\">\u00a0assistance<\/span><span data-contrast=\"auto\">\u00a0fund<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">would<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">in fact\u00a0<\/span><span data-contrast=\"auto\">support\u00a0<\/span><span data-contrast=\"auto\">these owners<\/span><span data-contrast=\"auto\">, who otherwise might<\/span><span data-contrast=\"auto\">\u00a0default on loans<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-contrast=\"auto\">I<\/span><span data-contrast=\"auto\">f<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">this were <\/span><span data-contrast=\"auto\">to\u00a0<\/span><span data-contrast=\"auto\">happen<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">the supply of affordable housing<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">would be at\u00a0<\/span><span data-contrast=\"auto\">risk<\/span><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Go<\/span><span data-contrast=\"auto\">ing<\/span><span data-contrast=\"auto\"> back to the estimated $60 billion in rent debt<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">let<\/span><span data-contrast=\"auto\">&#8216;<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\"> redo the math using a hypothetical calculation based on <\/span><span data-contrast=\"auto\">the breakdown of\u00a0<\/span><span data-contrast=\"auto\">1 dollar of rent, to <\/span><span data-contrast=\"auto\">better visualize<\/span><span data-contrast=\"auto\">\u00a0the actual implications of the\u00a0<\/span><span data-contrast=\"auto\">new stimulus package:\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-113814 aligncenter\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-2.rent_.png\" alt=\"\" width=\"500\" height=\"708\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-2.rent_.png 500w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-2.rent_.png?resize=353,500 353w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2021\/03\/chart-2.rent_.png?resize=150,212 150w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n<p><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">The\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">emergency rental assistance package will help\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">housing providers<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">cover<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0at least a part of the<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">$<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">23 billion<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0accrued\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">mortgage<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0payments but<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">,<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0most importantly<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">,<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">it will\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">send\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">$<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">14<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0billion<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0to<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0local<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0communities<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">in the form of\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">property taxes and\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">wages.<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">Not to mention<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0$17 billion\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">needed for building maintenance and capital improvements which would\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">support\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">small businesses in\u00a0<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">other sectors<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0of the economy<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0as well<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">.<\/span><\/span><span class=\"TextRun SCXW100112099 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW100112099 BCX0\">\u00a0<\/span><\/span><span class=\"EOP SCXW100112099 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">Considering the potential impact of the current rent debt on the economy, <a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/education\" target=\"_blank\" rel=\"noopener\">rental industry associations<\/a> believe that more needs to be done<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">\u00a0to avoid turning the public health\u00a0<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">crisis into a housing crisis<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">, especially now<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">,<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">with so much<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">\u00a0uncertainty\u00a0<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">around\u00a0<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">the econom<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">ic recovery<\/span><\/span><span class=\"TextRun SCXW199996653 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199996653 BCX0\">.\u00a0<\/span><\/span><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">\u00a0robust rental assistance<\/span><span data-contrast=\"auto\">\u00a0program<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">will keep people safely housed and ensure that\u00a0<\/span><span data-contrast=\"auto\">apartment\u00a0<\/span><span data-contrast=\"auto\">communities remain operational long into the future<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">R<\/span><span data-contrast=\"auto\">enters and landlords alike depend on the health of the rental housing sector.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">This is why <a href=\"https:\/\/www.yardi.com\/\">Yardi<\/a> committed $1 million to the <\/span><a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/\"><span data-contrast=\"none\">COVID-19 Rental Housing Support<\/span><\/a><span data-contrast=\"auto\">\u00a0initiative, a newly launched platform backed by four major associations serving the rental housing industry<\/span><span data-contrast=\"auto\">: IREM, NAA, NMHC and NARPM.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You can check out the\u00a0<\/span><span data-contrast=\"auto\">support initiative\u00a0<\/span><a href=\"https:\/\/covidinitiative.rentalhousingindustry.org\/\"><span data-contrast=\"none\">here<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways: 90 cents of each dollar paid on rent\u00a0go towards taxes, wages, maintenance and improvements, and mortgage payments, while only 10 cents\u00a0belong to owners and investors.\u00a0 An amassed rent debt of $60 billion since the start of the pandemic may trigger a butterfly effect across local communities. Since many housing providers operate on thin&hellip;<\/p>\n","protected":false},"author":55,"featured_media":113749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3660],"tags":[],"class_list":["post-113683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How $1 of Rent Translates to Billions Going Back into Local Communities - RentCafe rental blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/real-estate-news\/covid19-rental-housing-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How $1 of Rent Translates to Billions Going Back into Local Communities\" \/>\n<meta property=\"og:description\" content=\"Key Takeaways: 90 cents of each dollar paid on rent\u00a0go towards taxes, wages, maintenance and improvements, and mortgage payments, while only 10 cents\u00a0belong to owners and investors.\u00a0 An amassed rent debt of $60 billion since the start of the pandemic may trigger a butterfly effect across local communities. 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