Another $700 Million In Emergency Rental Assistance Is On The Way To Struggling Renters
“The Biden administration has launched a two-pronged effort to help America’s troubled tenants: It’s redistributing nearly $700 million in emergency rent relief to the neediest areas and has unveiled a ‘White House Blueprint for a Renters Bill of Rights,’ a comprehensive plan for tackling housing affordability issues. But some experts say this still isn’t enough, as millions of Americans struggle with rising costs for housing. Though rents were down in January for a fifth consecutive month, according to data from Apartment List, the average 0.3% decline kept rental prices far above pre-pandemic levels. Today’s national median rent is $1,338, up by a sizable 19% since the start of the Covid-19 crisis in March 2020. Officials are trying to provide relief to the 19 million U.S. households the U.S. Census Bureau considers “rent burdened,” meaning they spend more than 30% of their income on housing costs.”