winepressnews.com
According to a monthly survey, the Small Business Rent report courtesy of Alignable, found that delinquencies among U.S. small businesses rose to a three-year high, as businesses are struggling to pay their rents due to rising costs and falling revenues.
The report found that 43% of small businesses were unable to pay their rent in full; which is the highest delinquency rate since March 2021. The poll tallied 4,171 small-business owners and was conducted during the first several weeks of April.
The delinquency rate was at its height at 49% in March, 2021.
Of these, independent restaurants are struggling the most at 52%, while 20% of ‘small manufacturers’ were delinquent. Over half of small business owners say their rents are higher than they were just six months ago, with 11% paying at least 20% more than they did last fall.
‘Alignable found that fewer than a third of businesses founded prior to March 2020 are earning as much or more each month than they did before the pandemic. And among firms founded after the pandemic, 60% are making less than they did a year ago,’ Bloomberg noted.
Newsweek also noted: ‘The state with the highest delinquency rate in the country was Texas with 52 percent of small business owners unable to pay their rent in full and on time in April, followed by Massachusetts (47 percent), California (46 percent), Maryland (42 percent), New York and Washington State (39 percent). The lowest delinquency rate was in Colorado, with 26 percent…
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