What California Residents Need To Know About The New Rent Payment System

What Will Rent In 2021 Look Like?

The 2020 global pandemic has left countries reeling from the devastating after effects of the virus, and businesses are wondering what economic recovery costs would look like. Millions of Americans lost their jobs as businesses shut down to act in accordance with stay-at-home orders. In the United States alone, the proportion of people reported to have been out of work has risen to 10.4%! 

Services industries have been affected the most, including hospitality, tourism, renters, and real estate. Research shows that 53.5% of renters have reported losing their jobs due to the measures introduced in their living areas. For example, some cities require renters to prove that their inability to pay rent is due to a loss of income fueled by the pandemic. 

Life has been incredibly difficult for homeowners and renters, making it essential for everyone to cooperate in these trying times.

President-elect Biden announced for all landowners to forgive rent and mortgage payments during the pandemic so no economic sector has to suffer adversely. He has also called for a $15,000 tax credit to be given to first-time home buyers. “Nobody should pay more than 30% of their total income for rent”, says the new president. 

Furthermore, tenants can also communicate with their landlords and ease rent payment through the California Rent Association. Mortgage holders also get the opportunity to apply for loans through the Home Lenders Relief Fund. 

These policies can help Biden garner extra support from the democrats and eases the financial burden on homeowners and renters due to the ongoing economic fallout. 

Help Yourself And Others Choose a Better Home To Rent – Through MyRentTree

If you’ve had an unpleasant experience with your landowner or are facing considerable pressure to pay mortgage or rent, you can leave a review on MyRentTree. And if your landlord or property manager understands and supports your inability to pay charges, make sure you recommend your landlord to other people too! 

MyRentTree is an interactive site that gives tenants the power to share their unpleasant and pleasant experiences about rent charges and landlords, giving new customers the chance to meet the kind of landlords that they’re looking for.