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  • Ryan O.

Struggling


Tenants in Hawaii are struggling to pay their rent. A recent UHERO report surveyed 271 landlords. The survey provided UHERO with data on 6,719 rental units in the state. The survey reveled that 5% of tenants were behind at least two months in rent.


Prior to COVID-19, UHERO noted:


94.56% of tenants paid in full.

2.88% of tenants were late in their payment.

.57% of tenants were at least 30 days delinquent.

1.99% were at least 60 days delinquent.


The numbers got worse as the year progressed. On August 15, 2020, during the thick of the COVID-19 pandemic, UHERO noted:


85.80% of tenants paid in full.

6.02% of tenants were late in their payment.

3.21% of tenants were at least 30 days delinquent.

4.97% were at least 60 days delinquent.


While 5% of tenants with a 60 or more day delinquency may seem small, that figure is actually over 9,000 households. This is a domino effect. If 9,000 households cannot pay rent, then 9,000 landlords cannot pay their mortgage. What's the next domino to fall if landlords default on their loans?


-Roda


#RyanOda #RealtorRoda #ForwardRealty #HawaiiRealEstate #COVID19 #COVIDEconomy #Tenant #Landlord

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Ryan Oda (RB-23073) is a Real Estate Advisor with Forward Realty (RB-19423) in Honolulu, HI.