Only 69 percent of tenants paid rent in the first five days of April — a 12-point drop from the same period last month. From March 1-5, some 81 percent of tenants paid at least some rent, and the figure was 82 percent in the initial days of April a year ago over the 13.4 million rental apartments tracked by several data firms, the National Multifamily Housing Council reported. The council, despite the 15 percent
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As tenants struggle to pay rent, homeowners are struggling to make mortgage payments. The rates of mortgages in forbearance surged April 1 to 2.66 percent from 0.25 percent at the start of March, according to Bloomberg. It comes as Moody’s Analytics’ chief economist expects that up to 30 percent of homeowners may stop making mortgage payments. The federal government has instructed lenders handling mortgages backed by the government to give borrowers up to six months
The terms of Airbnb’s billion-dollar fundraise have come out and it’s not pretty. The home-sharing company agreed to pay its new investors, private-equity firms Silver Lake and Sixth Street Partners, an interest rate of more than 10 percent, the Wall Street Journal reported. The deal also included warrants that investors can convert to receive stock and valued Airbnb at $18 billion — a stark drop for the company last valued at $31 billion after a
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