SMBs Could Not Pay Their June Rent
- 48% of U.S. small businesses (SMBs) say their rent has increased, with 32% saying it’s over 10% higher & 14% noting it’s over 20% more than what they paid six months ago.
Q1 2022 hedge fund letters, conferences and more
- 35% of all U.S. SMBs could not pay their June rent in full and on time, up 2% from May and up 9% from January. This is the highest rate of U.S. rent delinquency among SMBs this year.
- Even more alarming, 63% of transportation SMBs couldn’t afford June rent, up 41% from May. It's no shock to learn that 76% of this group said gas prices have had a "very significant" negative effect on their businesses.
- States with the highest rent delinquency rates include: IL (44%), TX (44%), & NJ (39%). While they're still high, rates dropped in MA, NY, FL and CA.
- In Canada, the problem is even worse, with 43% of small businesses there saying they couldn't pay June rent (up 4%) from 39% in May. And 55% say they've experienced rent hikes.
Updated on
