BOSTON–A new report suggests showing the “small business rent crisis has reached new heights, as other inflationary trends continue to impair the small business economy.”
According to Alignable's New Q2 Rent Report, based on a poll of 5,321 randomly selected small business owners, the findings include:
- 33% of all U.S. small businesses (SMBs) could not pay their May rent in full and on time, up 5% from April. This is the highest rate of U.S. rent delinquency among SMBs this year, the company said.
- “Even more alarming,” 56% of minority-owned businesses couldn’t afford May rent, up 20% from Apr. This is the highest rent delinquency rate for minority SMB owners since March 2021.
- States with the highest rent delinquency rates include MA (42%), GA (40%), NY (35%), CA (35%), MI (35%), & TX (35%). Rates increased dramatically in MA, GA, NY, TX and FL from Apr. to May.
- Rent issues abound for many sectors, including 41% of Restaurants, 40% of Beauty Salons, & 40% of Retailers. Restaurants, retailers and others reached new levels of 2022 rent delinquency in May.
- One reason for increased delinquency rates is that rents are skyrocketing across the U.S. and Canada among the majority of small businesses. In May, 52% of all U.S. SMB owners reported higher rent costs, up 6% from 46% in April, breaking yet another rent crisis record.
- States with the largest percentage of SMBs reporting rent price increases include FL (71%), MA (58%), NY (54%), CA (52%), & CO (52%).
To see the full report, go here.
Has Everyone But You Heard the News?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.