Analysis Shows Financial Impact of COVID-19 on Small- and Medium-Scale Landlords

JP Morgan Chase Institute released “How did landlords fare during COVID?,” which used administrative data to examine how small- and medium-scale landlords fared financially during the pandemic. While landlords lost rental revenues, particularly in early 2020, they cut expenses by more, resulting in higher cash balances. This trend varied across the nation. Landlords with properties in New York, Miami, and San Francisco saw the greatest declines in rental revenues, while landlords with properties in Phoenix, Houston, and Dallas collected the same or more in rental incomes in 2020 compared to 2019. The analysis estimates that roughly 7% of landlords missed mortgage payments. The researchers argue that increased flexibilities in emergency rental assistance documentation is critical to accelerate assistance to tenants and landlords, helping preserve the supply of affordable housing.

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