- 15% of Americans Behind on Rent Payments “Fifteen percent of renters — or 8.4 million Americans — were not current on their rent payments, according to the latest Household Pulse Survey from the Census Department. For lower-income renters, the picture is bleaker: Roughly 20% of Americans making $34,999 or less per year reported they weren’t caught up on payments. However, higher up on the income scale, renters were less likely to be behind, according to the survey, which covered June 1 to June 13.” (Multifamily Dive)
- Office Owners Reeling from Remote Work Now Fret About Recession “Rising interest rates and growing recession fears are compounding the woes of office landlords grappling with the spread of remote work. An index tracking the shares of publicly traded office owners was down 29% over the first two quarters, compared with a 21% decline by the S&P 500 stock index. Office stocks plunged in June, as weak economic indicators and persistent inflation made a recession appear more likely.” (The Wall Street Journal)
- Lonely Last Days in the Suburban Office Park “Today suburban office parks have drawn far less attention than downtown offices that are also threatened by remote work. But their decline reflects in some ways a more sweeping and permanent judgment — of once-dominant ideas about where Americans work, how the office should look, and what the suburbs should be. Many downtown offices, with the benefit of prime location, will need new facades and nicer interiors. Places that have been office parks will need a whole new identity.” (The New York Times)
- Red States Are Winning the Post-Pandemic Economy “The pandemic has changed the geography of the American economy. By many measures, red states—those that lean Republican—have recovered faster economically than Democratic-leaning blue ones, with workers and employers moving from the coasts to the middle of the country and Florida. Since February 2020, the month before the pandemic began, the share of all U.S. jobs located in red states has grown by more than half a percentage point, according to an analysis of Labor Department data by the Brookings Institution think tank.” (The Wall Street Journal)
- After Steady Improvement, Delinquency Rates Tick Higher “Delinquency rates for commercial mortgages across property types increased in the first quarter, thanks to continued erosion in the office sector. Research from Trepp shows that concerns about the sector continue to increase, as the delinquency rate rose over the past few quarters in what the firm calls a “delayed reaction” to low office occupancy rates during the pandemic.” (GlobeSt.com)
- Landlords Bitten by Program Intended to Feed Them “When New York’s rent relief program launched early last summer, landlords saw a light at the end of the tunnel. For owners June and Lance Margolin, it had been eight months since they’d received a payment from the tenant renting an apartment in their Long Island home. The program, flush with $2.4 billion, promised to cover the tens of thousands of dollars their renter owed. A year later, those hopes have turned to despair.” (The Real Deal)
- Recession Fears Are Rising. Here’s Why San Francisco Could Be Hit Harder Than Other Cities “San Francisco’s tech-centered economy could be hit hard by a potential recession.” (San Francisco Chronicle)
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