The delinquency rate among small businesses in the US has reached a three-year high, reflecting the challenges posed by rent increases and decreasing revenue, as per a monthly survey.
43% of small businesses were unable to pay their rent in full in April due to economic headwinds
4/29/2024
The Small Business Rent report from Alignable, an online networking platform for business owners, reveals that 43% of small businesses were unable to pay their rent in full due to economic difficulties. This marks the highest rent delinquency rate since March 2021.
Among various sectors, independent restaurants are facing the most challenges, with 52% failing to pay their April rent on time. In contrast, only 20% of small manufacturers are behind on rent payments.
More than half of small business owners report that their rents have increased compared to six months ago, with 11% facing rent hikes of at least 20% since last fall.
Alignable's findings also show that less than a third of businesses established before March 2020 are earning as much or more each month as they did before the pandemic. In contrast, 60% of firms founded after the pandemic began are experiencing lower earnings than they did a year ago.
The report highlights the financial strain on businesses, with 34% indicating that they have only one month or less of cash reserves.
The survey, conducted during the first three weeks of April, polled 4,171 small business owners.
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