How COVID-19 has impacted rental funds in 15 populous metro areas | Leisure Information

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– Households that are in arrears with rent payments: 12.4% (7th place highest, 4.8% less than in 2020)

– Households with lost income who stayed behind on rent: 24.5% (9th place highest, 3.1% more than in 2020)

– Unemployed respondents who were behind with their rent: 15.8% (9th place highest, 7.3% less than in 2020)

In Chicago, the average monthly rent for studio, one and two-bedroom apartments in May 2021 was less than 2% below the previous year’s figure, a far smaller decline than in many other US cities. Districts in the Chicago metropolitan area have issued moratoriums to prohibit landlords from taking legal action to evict tenants for overdue rent.

In other states, counties allowed eviction requests, but tended not to respond to coronavirus-related ones. Government plans were to provide $ 1.1 billion in relief payments to tenants and landlords, allowing individuals to apply for up to $ 25,000 to be paid directly to landlords. Another program has pledged $ 280 million to help with utility bills.

Legislators recently passed law providing tax incentives for developers and investors to provide affordable housing for renters in generally high-income areas and to invest money in pre-existing affordable units so that more people can live where they work.

Stacie Young, who helped develop the incentive program, told the Chicago Tribune, “We create affordability and secure affordability in higher cost markets, and we encourage investment in lower cost markets. And we don’t necessarily take the property value off the table. “