A new collapse for rents
Failure to make payments is at the heart of the post-Covid crisis. Government subsidies have been applied worldwide to help lease contractors. After having already analyzed in detail some cases relating to this topic, today we will analyze the already critical situation of the Big Apple. In fact, there have been many tenants who cannot afford to pay rent in New York. We speak of thousands of people, who, despite being helped by the government, struggle to respect payments.
We are talking about a large portion of the New Yorker population. About two thirds of citizens live in rented houses. Unlike many other countries, the state of New York does not have the culture of buying a property. This means that, for an American citizen, it is more '' logical 'to sign a sales contract. Social distancing measures also increased the level of unemployment. Despite the so-called smart working, many companies have unfortunately had to make a more than painful decision. That is, leaving many workers at home, but unemployed. This represented a very severe backlash that, still, seems to have no signs of recovery. We also think that New York rents are more than double the national average. The federal government, however, tried to protect the so-called mortgage market. Like ? With moratoriums and continuous postponements for homeowners and underwriters. But, speaking of real numbers, in the most avant-garde city in America, over 700 thousand houses for rent have totally lost their earnings.
The only ones left afloat? Those who got so-called "unemployment benefits". Benefits that can reach a maximum of $ 600 a week. Let's talk about 350 euros. Too much, too few to face such a disaster. It has even reached incredible levels. Like the initiative, by many owners who have decided to offer tenants a free month's rent. But the problem remains high, considering that there are too many roommates currently unemployed and that they cannot repay any debts in the short term.
In order to understand the seriousness of the situation, it is necessary to think about how much it actually costs to sign a lease and maintain it above all. We're talking about $ 2,600 a month. (lowered back to $ 2,300 for the Covid period at most). It is therefore not surprising what was said in the initial part of our news: rents are considered the primary option because they are cheaper. And despite everything, the situation in New York remains truly dramatic.
How will the situation evolve? It is not possible to have certain news at the moment. To find out, we invite you as always to stay updated on our portal. You will be able to find all the news on the world real estate market and, with particular attention, also on the Covid emergency. So, don't miss the next news!
We are talking about a large portion of the New Yorker population. About two thirds of citizens live in rented houses. Unlike many other countries, the state of New York does not have the culture of buying a property. This means that, for an American citizen, it is more '' logical 'to sign a sales contract. Social distancing measures also increased the level of unemployment. Despite the so-called smart working, many companies have unfortunately had to make a more than painful decision. That is, leaving many workers at home, but unemployed. This represented a very severe backlash that, still, seems to have no signs of recovery. We also think that New York rents are more than double the national average. The federal government, however, tried to protect the so-called mortgage market. Like ? With moratoriums and continuous postponements for homeowners and underwriters. But, speaking of real numbers, in the most avant-garde city in America, over 700 thousand houses for rent have totally lost their earnings.
The only ones left afloat? Those who got so-called "unemployment benefits". Benefits that can reach a maximum of $ 600 a week. Let's talk about 350 euros. Too much, too few to face such a disaster. It has even reached incredible levels. Like the initiative, by many owners who have decided to offer tenants a free month's rent. But the problem remains high, considering that there are too many roommates currently unemployed and that they cannot repay any debts in the short term.
In order to understand the seriousness of the situation, it is necessary to think about how much it actually costs to sign a lease and maintain it above all. We're talking about $ 2,600 a month. (lowered back to $ 2,300 for the Covid period at most). It is therefore not surprising what was said in the initial part of our news: rents are considered the primary option because they are cheaper. And despite everything, the situation in New York remains truly dramatic.
How will the situation evolve? It is not possible to have certain news at the moment. To find out, we invite you as always to stay updated on our portal. You will be able to find all the news on the world real estate market and, with particular attention, also on the Covid emergency. So, don't miss the next news!
