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The second highest percentage was in New York at 49%, followed
by Minnesota at 47%. That is compared to 37% nationally. In
contrast, only 7% of Arizona’s small businesses couldn’t handle
rent payments in May, the lowest rate in the country.
Alignable head researcher Chuck Casto said rising rent prices
nationwide are partly to blame for rent difficulties.
“The majority, 54%, say they are paying more in rent than they
did in December of 2022, and 14% of that group said their rent
is 20% higher than it was at that time,” said Casto.
Casto said a large majority of Illinois small business owners
are not painting a rosy picture about the rest of the year.
“In terms of the recession question, 83% of those we polled are
concerned about a recession this year,” Casto told The Center
Square.
He added that 5% of that group said if things don’t improve
soon, they will have to close up shop.
The top industries dealing with rent troubles are lodging and
travel, retail, construction and restaurants. In fact, retailers
broke the 2023 record, making May their worst month yet this
year for rent delinquency at 45%.
Kevin Bessler reports on statewide issues in
Illinois for the Center Square. He has over 30 years of
experience in radio news reporting throughout the Midwest.
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