Autor: venred

SEATTLE, Jan. 12, 2021 /PRNewswire/ — For millions of renters who remain unemployed during the COVID-19 pandemic, the recently finalized fiscal stimulus package is desperately needed relief. The additional payments will bring their typical rent burdens from more than 80% of their income to less than half, a new Zillow® analysis shows. While the extra assistance helps on a monthly basis, millions behind on their rent still face an incredible challenge in catching up on payments that have piled up before temporary eviction moratoriums expire.

Renters have carried much of the financial burden throughout the COVID-19 pandemic, in large part because of dramatic job losses in high-contact industries that are often staffed by renters. Zillow estimates at least 3 million renters who were employed last March had lost their jobs and were still out of work in November, including more than a million in the accommodation and food services industries that have been devastated by restrictions aimed at limiting the spread of COVID-19ⁱ. 

Federal and state unemployment insurance is now the primary source of income for these renters who have lost their jobs. In November, a typical unemployed renter living alone spent 81.2% of that income on rent. The additional $300 a week from the current stimulus package will bring the typical rent burden down to 43%ⁱⁱ. 

That is a huge improvement, but still well above the 30% threshold at which a household is officially «rent burdened.» Previous research from Zillow and collaborators at the University of Pennsylvania and Boston University found that homelessness rates in a community rise sharply once typical rent burdens climb above 30%. The additional $600 a week in unemployment insurance payments from the CARES Act passed in late March brought the rent burden down to 29.5% for unemployed renters paying the typical rent.

«This analysis shows how much even relatively modest amounts of financial assistance can mean to struggling renters,» said Chris Glynn, senior economist at Zillow. «Even though supplemental assistance has resumed, there are financial wounds to heal from the three-month period when some renters were sending more than 80% of their unemployment benefits out the door on the first of the month. Temporary eviction moratoriums and unemployment insurance alone may not be enough to keep some renters who have steadily accumulated debts in their homes long term. Housing vulnerability for renters will be a top issue for the incoming administration.» 

A federal eviction moratorium remains in place to keep those unable to pay in their homes, though industry estimates show only small drops in the share of renters making payments in full compared to a year earlier. But the rent owed continues to accrue even without the looming threat of an eviction. A study by Moody’s Analytics estimated that nearly 12 million renters will owe an average of about $6,000 in back rent and utilities by this month. While unemployed renters remain significantly rent burdened, the additional $300 payments may help reduce the debt they will eventually owe when eviction moratoriums expire. 

Renters who maintained stable employment in 2020, however, saw their rent burdens stabilize during the pandemic due to slowing rent growth for much of the year. In November, the typical U.S. renter who did not receive unemployment benefits paid an estimated 29.6% of their income on rent, a small improvement from 29.8% in Marchⁱⁱⁱ. Rent growth has shown the first signs of a bounceback, potentially reversing the small gains employed renters made in 2021 and making it more difficult for the millions who have fallen behind on payments.

Catching up any debts accrued will likely prove difficult for many who did not have much financial breathing room to begin with. Low-income renters typically spent 53.1% of their income on rent in 2019^iv, and Zillow research from before the pandemic and resulting recession showed that only 51% of renters said they could afford an unexpected $1,000 expense^v. 

Another potential cliff looms on March 14 when the current $300 weekly supplement expires. 

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. 

As the most-visited real estate website in the U.S., Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.  

Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

ⁱ Unemployment estimates are based on an analysis of the Current Employment Statistics data from the U.S. Bureau of Labor Statistics, with estimates constructed from industry-level data and the share of workers in each industry classified as a renter from the American Community Survey.
ⁱⁱ Calculations assume that household income is the maximum possible amount of federal and state unemployment insurance payments for one person, and the household pays the typical rent in a given area.
ⁱⁱⁱ Calculations assume that household income is the median U.S. renter household income, no unemployment insurance payments were received, and the household pays the typical U.S. rent.
^iv U.S. Census Bureau, 2019 American Community Survey: https://www.census.gov/programs-surveys/acs/news/data-releases.html
^v Zillow Research, Sacrifices People Make to Afford the Rent: https://www.zillow.com/research/sacrifices-to-afford-the-rent-25956/

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SOURCE Zillow

BETHESDA, Md., Jan. 12, 2021 /PRNewswire-PRWeb/ — Green Generation (GreenGen), a global provider of energy efficiency solutions, today formally welcomes two new professionals to its executive leadership team. The addition of Vice President of Finance Mandy Lam, CPA and Chief of Staff Charlotte Taylor further streamlines operations, complements our existing team and ultimately strengthens GreenGen’s position at the forefront of investing to drive financial and environmental impact.

«As we look ahead to 2021 and beyond, we are excited about the addition of both Mandy and Charlotte to GreenGen,» said Brad Dockser, chief executive officer of GreenGen. «Their exceptional talent and experience broadens our strategic vision and strengthens our position at the intersection of climate and capital markets as we continue to grow and support the world’s leading investors.»

With more than a decade of experience in technical accounting, tax and business advisory, Lam is responsible for the development and oversight of GreenGen’s financial management strategy. Lam’s core functions include implementing the company’s accounting compliance and reporting processes, preparing financial models and budget analyses, coordinating with executives and project managers for operations and budget process support, and ensuring that corporate financials advance organizational objectives.

«2020 was a banner year for ESG-principled investing, and 2021 looks even more promising,» said Lam. «I’m looking forward to employing the financial acumen needed to accelerate GreenGen’s growth and maximize the opportunities ahead.»

A Harvard Business School graduate, Taylor has extensive leadership experience in sustainable investing, particularly in emerging markets. At GreenGen, Taylor is charged with strategizing and coordinating high-priority projects and growth initiatives, cultivating and nurturing key strategic relationships, and supporting organizational planning and program development.

«I’m thrilled to join this strong, talented team and help drive their inspiring vision,» said Taylor. «I look forward to helping advance our position at the nexus of buildings, technology, and infrastructure.»

About Green Generation
Green Generation (GreenGen) transforms the world’s built environment in buildings, technology, and infrastructure by integrating energy, real estate, technology, and capital markets to Operate in the Green. From offices in Washington DC, London, Tokyo, and Shanghai, GreenGen helps its clients use energy and the environment as a driver of value and sustainability across all asset types around the world. For more information, please visit greengen.com.

Media Contact

Jenny Wang, kglobal, +1 8145064597, jenny.wang@kglobal.com

SOURCE Green Generation