Making the Rent: Household Spending Strategies During the COVID-19 Pandemic
January 27, 2022 by The report examines how renters managed their finances during the COVID-19 pandemic, particularly focusing on those who lost income through data from the Census Bureau’s Household Pulse Survey. It highlights that many renters, especially lower-income and renters of color, relied on a mix of public support mechanisms and personal resources, such as savings, credit, and borrowing from family and friends, to make rent. The study found that rent arrearages alone underestimate the financial impact of the pandemic, as many renters used various strategies to stay afloat. Lower-income renters and renters of color were more likely to fall behind on rent and depend on informal borrowing and SNAP benefits. The report underscores the need for comprehensive policy responses that address the broader financial hardships faced by renters, beyond just rent arrears. It suggests that future policies should include broad-based cash assistance, credit repair, and eviction diversion support to help renters recover and maintain housing stability.