Currently Reading

New York City Renters Face $1 Billion in Unpaid Rent


New York City Renters Face $1 Billion in Unpaid Rent

January 15, 2021
New york city apartments
Photo: goodmanphoto

A recent survey found New York City renters owe $1 billion in unpaid rent, but the survey only accounts for roughly half of the total rentals, pushing the real debt closer to $2 billion. The New York Times says this debt figure speaks to the inadequate federal stimulus packages and unemployment payments. Landlord trade group Community Housing Improvement Program conducted the survey and focused on buildings subject to the city’s rent-regulation laws, which account for half of the city’s total rental apartments, meaning the real debt figure could be closer to $2 billion. On average, the trade group estimates renters have an average debt of $6,000.

“It’s not an insurmountable amount,” Mr. Martin said. “The numbers tell us that, probably, if we could get an additional billion or two dollars in the city, we could probably pay off every single renter’s arrears in the entire city of New York over the last year of the crisis.”

The Covid-19 relief package passed by Congress in December included $1.3 billion in pandemic rental assistance for New York state. It is still unclear how much of that will be made available for New York City, however, or how difficult it will be for tenants to meet eligibility requirements for the funds. State and city housing agencies are expected to roll out their distribution plans for the assistance in the coming weeks.

Housing advocates worry that if eligibility guidelines are too strict, much of the money will sit unused as tenant debts grow deeper. Nationally, about $300 million in federal rental assistance from the spring was still unspent as of December. And in New York, only $40 million of the state’s $100 million in pledged rental assistance had been spent as of the same month, leading Gov. Andrew Cuomo, a Democrat, to sign an executive order expanding eligibility.

Read More


Related Stories

Built for Rent

Build-to-Rent Poised for Success in 2021

The relatively new sector of build-to-rent housing is well-positioned for great success this year due to renter and homeowners’ changing needs…


Next Generation of Renters Flock to Country's Heartland

The fastest growing active renter segment in the U.S., Gen Z, seems to be eyeing small towns in the country’s heartland—a drastic difference from…


NAHB Predicts Multifamily Housing to Bounce Back in 2022

The multifamily housing sector experienced regulatory and supply-side challenges, slow rent growth, and increased vacancy, positioning it for a…


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.