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September 11, 2020

Landlords of Color Hit Hardest as COVID-19 Cuts Into Rental Payments

 

GlobeSt.com
By Nate Robson

Landlords of color are finding themselves especially hard hit by the economics of COVID-19, according to a new survey by the Urban Institute in partnership with Avail.

Black and Hispanic landlords are more likely to be struggling to pay their mortgages than white landlords, and they are more likely to take a mortgage forbearance, according to the report. They are also more likely to offer their tenants a rent payment plan in an attempt to keep people in their homes.

While nearly 12% of landlords with a mortgage are in forbearance, those landlords are disproportionately Black and Hispanic, according to the survey. Nearly 20% of Black landlords have at least one property in forbearance, followed by 14% of Hispanic and 9% of white landlords.

“Half the landlords surveyed said they did not know whether their servicers offered forbearance,” according to the survey. “Nearly two-thirds of white landlords said they decided against forbearance because they can make their mortgage payments. Less than half of Black and Hispanic landlords said the same.” Read more.

 
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