Rent Troubles Continued for Small Businesses in July

Rent Troubles Continued for Small Businesses in July

Rent Troubles Continued for Small Businesses in July

Rent woes for small business operators are not getting any better. Nearly half (46%) reported that they're paying more for rent now than they did six months ago, and another 4% say their landlords plan to increase their rent soon, according to the latest rent report from Alignable.

Drill down into the July numbers for restaurants and rent is up 7% from June. 45% of restaurant owners said they couldn't pay their full July rent last month. Retailers saw an even steeper jump, up 9% from June, where 44% of them didn't have enough cash on hand to cover their rent. Both these rates of delinquency represent all-time highs for 2022.

Here are some other highlights:

  • 46% of small businesses say they're paying higher rent now than they did six months ago. 
  • 45% of restaurants (up 7% from June) and 44% of retailers (up 9% from June) couldn't afford their July rent.
  • In fact, for restaurants and retailers, their rent delinquency rates in July were the highest they’ve been since the end of 2021.
  • 40% of salons couldn’t make rent in July, up 15% from 25% in June.
  • The overall rent delinquency rate for U.S. small businesses is 34%, just 1% shy of 2022's highest rate (35% in June).
  • 42% of small businesses in Massachusetts, 41% in New York, 40% in Illinois, and 37% in Michigan weren’t able to fulfill their rent obligations in July.

To see Alignable’s July Rent Report go here.

Published: August 9th, 2022

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