Small businesses in various states are struggling to pay their rent, a new report shows, with rent delinquency at nearly 40 percent this month.
The findings, published Tuesday by Boston-based business tracker Alignable, are raising more than eyebrows, as they illustrate the stark effect inflation is having on everyday Americans.
The survey of 4,789 randomly selected small business owners saw more than half of respondents say their rent is at least 10 percent higher than six months ago.
If you go back seven months, the majority said their rents had increased by at least 20 percent.
Moreover, the study found that roughly 37 percent of small businesses – almost half of all Americans working in the private sector – were left unable to pay rent in October.
Nearly 40% of small businesses in the US failed to pay rent in October
The survey of 4,789 randomly selected small business owners saw more than half of respondents say their rent is at least 10 percent higher than six months ago.—DailyMail pic.twitter.com/fv5QwF9AvT
— Chelton Sledgefield (@HyperAware84) November 1, 2022
Compounding concerns is the fact that several states, including New York and California, are well over the already-high national average.
If #US Small Business can't pay their rent in full they are going to have to start cutting staff.
Those with physical products to sell may also be holding too much inventory…
— Jonathan Urlich (@CapitalJon) November 1, 2022
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