Twenty-eight percent of renters are starting this year with unpaid rent bills from the previous months, according to a recent survey from Apartment List.
Rent debt and the burdens that come with it are disproportionately found among minority tenants, according to the new polling.
Fifty-three percent of Black renters polled by Apartment List reported owing rent money compared to only 21 percent of white renters. Thirty-eight percent of Hispanics were surveyed to have rent debt as well as 27 percent of Asian renters.
Additionally, minority renters were shown to have far more stress surrounding their housing and financial situations as 31 percent of Black renters, 23 percent of Hispanic renters and 19 percent of Asian renters polled as feeling either “very concerned” or “extremely concerned” about the threat of eviction.
Compare that to only 13 percent of white renters who answered the same way.
The survey also found that renters owing money to their landlords were more likely to have made financial sacrifices in order to pay for their immediate housing.
According to the survey, 41 percent of indebted renters withdrew money from their personal savings, 29 percent accumulated credit card debt, 26 percent sold personal assets and 15 percent drew money from their retirement fund.
The survey also indicated that indebted renters were more likely to owe money to those around them as 49 percent of the tenants surveyed admitted to borrowing money from friends or family.
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