What The Rental Housing Industry Needs To Bounce Back From The Pandemic

The federal Emergency Rental Assistance Program is indisputably a necessary part of sustaining and rebuilding our economy and we must also ensure that it receives sufficient, robust funding.The U.S. Treasury Department is distributing emergency rental assistance funds directly to eligible grantees, including the states and local governments with more than 200,000 residents, with no state receiving less than $200 million.

The aid can be used to cover up to 12 months of back rent and housing-related expenses due to Covid-19. Grantees must pay some amount of arrears before they can fund forward-facing rent. If there’s proof that a resident’s housing status could continue to be in jeopardy due to ongoing unemployment, the program can also provide up to three months in prospective rent.

Beyond the guardrails set by Congress, states and localities have the ultimate jurisdiction in how funds are distributed. Some states already had rental assistance programs in place from CARES Act funds, so the federal program will help to replenish those sources where money was running out. Others have had to act quickly to set up the proper channels to screen applications and distribute the funds in an efficient and timely manner.

● Programs that have proved most effective allow for a housing provider to seek assistance on behalf of their residents, as well as to inquire about the status of an application of a resident, helping to move the process along. In addition to federal rental assistance, there’s continued talk of extending the federal eviction moratorium. How does rental assistance work with a moratorium?

There’s a misconception that the rental housing industry is dominated by large corporate owners with significant investment backing. But in reality, more than half of the nation’s rental housing supply—22.1 million units—is owned by small mom-and-pop landlords who own less than five units. They don’t have reserves to fall back on and many have burned through their personal savings trying to help residents and make ends meet.

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