The 9 U.S. Housing Markets Where Tenants Are Furthest Behind on Rent
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According to a new report, one in four tenants in certain U.S. markets are behind on monthly rent payments after a historic price hike.
According the commercial real estate portal MyEListing.com, which published Monday’s report.
The overall rate, however, has remained the same for the past three years, according to MyEListing.com
“Renting an apartment has become a burden for millions of Americans across the country,” MyEListing.com analyst Brian Kidder said in a statement. “Nationally, we found that 15% of the country is behind on their rent.”
MyEListing.com analyzed a recent US Census Bureau survey to see which markets had the highest percentage of tenants struggling to make payments.
While the overall rate remained relatively unchanged from 2019 to this fall, the analysis found that some markets had higher than average numbers of late tenants.
About 6 million American households are behind on their rent payments, according to the report. This has remained relatively stable over the past three years, according to the report.
At the same time, rents have reached new heights. Rents have risen at rates well above historical norms for the past two years before recently showing signs of slowing and maybe down year over year.
In markets like Miami, rents are up nearly 40% year over year. According to the report, more tenants in this city are behind on rent payments than in any other. One in four tenants said they were in arrears.
“With the cost of living skyrocketing due to inflation, people in every state are struggling to pay their rent,” Kidder said. “With the eviction moratoria in place and the cost of rent continuing to rise, we expect the number of people in arrears with rent to increase.”
Metros with the highest percentage of tenants in arrears
- Miami – 25%
- Houston- 21%
- Philadelphia – 21%
- New York – 18%
- Chicago- 18%
- Seattle- 15%
- Dallas- 15%
- Atlanta- 15%
- Los Angeles – 14%
States with the highest percentage of overdue tenants
- South Dakota – 26%
- New Jersey – 24%
- South Carolina – 22%
- Connecticut- 21%
- Louisiana – 20 percent
- New York – 19%
According to the latest figures from the US Census Bureau, 2.7 million renters said their monthly rent had increased by more than $500 in the past year.
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