According to recent reports, nearly 1 in 4 tenant and owner households had trouble making the rent or the mortgage at the start of April. Although it is impossible to report the exact number of tenants and owners struggling to meet rent this month, studies found that at least 24 percent of homeowners and tenants nationwide made partial or no payments at all. The economic upheaval of course is due to the coronavirus pandemic.
In areas defined as “high density” (more than 10,000 people per square mile), 28 percent of people surveyed reported they made no or partial rent and mortgage payments for April. Boston density exceeds 13,000 people per square mile. The correlation between high density and late rent/mortgage payments might simply be a reflection of the densest areas tending to be the most expensive to live in.
Although homeowners and tenants alike have been facing serious challenges amidst the coronavirus pandemic, they are getting support from major mortgage lenders and banks. Presently, at least a dozen major mortgage lenders have agreed to offer qualified Boston borrowers at least three months of deferred payments on their home loans under a plan that the city brokered. Furthermore, there have been numerous aid programs and funds made available for qualified tenants. Also, most evictions have stopped temporarily in Boston.
Although rents and prices remained expensive in Boston, in the next coming weeks we might be seeing both come down at least temporarily.
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