<p style="font-weight: 400;">Small American businesses, crippled by rampant inflation, higher gas prices, soaring supply chain costs, and a concomitant plunge in consumer spending, are growing in their inability to pay their rent, according to a recent survey.</p>
<p style="font-weight: 400;">Alignable&#8217;s October Rent Report shows that in October, 37% of small business owners surveyed <a href="https://www.alignable.com/forum/rent-delinquency-jumps-7-to-37-in-u-s-in-october" target="_blank" rel="noopener">stated</a> they were unable to pay their rent. The rate of delinquency was 30% in September. The 7% increase represented the biggest, fastest increase month to month in 2022.</p>
<p style="font-weight: 400;"> A total of 59% of small business owners told Alignable that consumer spending at their businesses plunged in October.</p>
<p style="font-weight: 400;">Small businesses in the education sector saw their delinquency rate soar to an astonishing 57%.</p>
<p style="font-weight: 400;">The automotive and restaurant sectors reached new delinquency highs at 49%, the highest of the entire year. The automotive shops said supply chain issues meant soaring prices for metals and electronics as well as a scarcity of inventory. The restaurant industry’s 49% delinquency rate rose 13% from 36% the previous month.</p>
<p style="font-weight: 400;">About 43% of retailers admitted they couldn’t pay their rent, up 12% from September. The transportation industry jumped from 38% in September to 46% in October. Real estate and construction companies’ delinquency rate rose from 27% in September to 37% in October.</p>
<p style="font-weight: 400;">Northeastern states took a hit; Massachusetts had 51% of small businesses saying they couldn’t make the rent. New Jersey had record-breaking rent delinquency rate of 49%, and New York followed with a 45% delinquency rate.</p>
<p style="font-weight: 400;">California and Pennsylvania almost tied New York with a 44% delinquency rate.</p>
<p style="font-weight: 400;">Meanwhile, according to real estate tracker <a href="http://zumper.com/blog/rental-price-data/" target="_blank" rel="noopener">Zumper</a>, cities all over the country have seen rent increases skyrocket in the past year, led by New York City, where a one-bedroom apartments had a $3,860 median rent. Six of the nine cities following New York City in the top ten hailed from California.</p>
<p style="font-weight: 400;">Yet President Biden insisted last week that he was doing a good job on inflation despite the fact that the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) was less than a percentage point below the record highs from earlier in the year.</p>
<p style="font-weight: 400;">“You’ve referred to the midterm election as a choice rather than a referendum. Given record inflation, why should voters choose Democrats,&#8221; a reporter asked Biden in Syracuse, New York.</p>
<p style="font-weight: 400;">“Because it&#8217;s not record inflation anymore. I&#8217;m bringing it down. Look what we inherited,” Biden claimed.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">Q: “Given record inflation, why should voters choose Democrats?”</p>
<p>Biden: “Because it’s not record inflation anymore. I’m bringing it down. Look at what we inherited.”</p>
<p> <a href="https://t.co/88Kp0JYXNq">pic.twitter.com/88Kp0JYXNq</a></p>
<p>&mdash; The Post Millennial (@TPostMillennial) <a href="https://twitter.com/TPostMillennial/status/1585987393777287176?ref_src=twsrc%5Etfw">October 28, 2022</a></p></blockquote>

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October Disaster: Soaring Number Of Small Businesses Can’t Pay Rent, Poll Shows

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October Disaster: Soaring Number Of Small Businesses Can’t Pay Rent, Poll Shows