CFPB Report: Renters at Risk as COVID-19 Safety Net Ends

The Consumer Financial Protection Bureau (CFPB) today released a report warning that millions of renters and their families may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end. The report, “Financial conditions for renters before and during the COVID-19 Pandemic,” finds that some government relief efforts likely helped maintain the financial stability of renters and their families, suggesting that many may be at risk as those programs expire.

The report, which compared homeowners and renters, found that, on average, renters’ economic conditions were significantly more responsive to relief measures such as stimulus payments and changes in unemployment benefits. When these programs end, renters and their families may be at heightened risk. The findings in today’s report will help inform the CFPB’s ongoing work to support renters and their families. 

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