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Renters Owe $7.2 Billion in Unpaid Rent as Stimulus Negotiations Drag On

<p><i>Renters are in need of another stimulus check, but Washington has so far failed to provide it.</i></p>

Renters are in need of another stimulus check, but Washington has so far failed to provide it.

Americans are struggling right now due to COVID-19, and they need more help from Washington, D.C.

In fact, a new study from the Federal Reserve underscores the dire situation faced by millions of people. As renters struggle, lawmakers drag their feet on finding a compromise on new coronavirus relief legislation.

Americans need more stimulus money to pay the rent

A report by the Federal Reserve Bank of Philadelphia raises concerns about renters’ ability to keep up with their rent. The study uses a sample of 32 million renter households in the U.S. with at least one person working. Of those, around 23.5%, or 7.5 million, likely experienced unemployment between March and August of 2020 due to coronavirus.

This has profound consequences. The research estimates that 1.34 million renter households will owe around $7.2 billion in unpaid rent by December of this year. These households are home to 2.8 million adults and 1.1 million children. Averaged out across each household, the Fed estimates those who are behind on…

Christy Bieber

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