Landlords were lenient about rent payments during the first two years of the pandemic. Now, many are asking for back rent, and some are raising the current rent as well.
Meanwhile, most of the government aid programs that helped small businesses get through the pandemic have ended while inflation has sharply pushed up the cost of supplies, shipping, and labor.
Thirty-three percent of all U.S. small businesses could not pay their May rent in full and on time, up from 28% in April, according to a survey from Alignable, a small business referral network. And 52% said rent has increased over the past six months. Before the pandemic, the 7,000-square-foot restaurant was often full, but it isn’t “back to full occupancy at all,” Ris said. At the same time, inflation is compounding the cost of doing business.
Charleen Ferguson owns the building that houses the tech business she owns with her husband, Just Call the I.T. Guy, in Wylie, Texas. She also has 13 tenants, so she sees the dilemma from both the small business and landlord points of view.
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