Saturday, February 27, 2021

Almost 50,000 Austrian households owe millions of euros in rent


At the end of March, the deadline for the repayment of deferred rent payments ends in Austria.

The Chamber of Labor (AK) fears that many tenants will find themselves in financial distress, and therefore calls for the creation of a support fund that would take over all or part of the interest payment. AK estimates that this year’s household debt on rent could climb to 83 million euros.

In the spring of last year, the Austrian government created the possibility to postpone rent payments for April, May and June until the end of 2020, later extending the deadline until the end of March. Deferment of payments is associated with 4% interest.

“A hammer will fall in April – then tenants will have to pay four months’ rent. The deferral also meant that 4% plus interest for the current month would be added to deferred payments,” APA quoted AK housing expert Thomas Ritt as saying.

The chamber estimates that there are 48,000 terminations of leases and forced evictions and another 17,000 cases of decommissioning this year. This would mean a doubling of the number of decommissioning cases year-on-year.

The debt of 48,000 households on rent can reach 83 million euros. However, AK points to information from the real estate sector that he does not feel the crisis and revenues come in large volumes. According to the chamber, rental income rose significantly last year.





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