NASHVILLE, Tenn. (WTVF) — A new survey shows small businesses are being impacted as rent continues to rise nationwide. It comes after businesses fought to stay afloat during the pandemic.
A survey from Alignable shows that 33% of all U.S. small businesses could not pay rent in May in full and on time, up from 28% in April. More than half of businesses reported rents have been climbing over the last six months.
Retail sales experts said ongoing inflation is making it harder for landlords to impose rent increases as shoppers are also feeling squeezed.
Experts said shoppers can only spend so much when the dollar goes not as far and retailers can only pay so much in rent and have enough left to pay employees, so something has to change.
Just last week, Metro Nashville opened up applications for small businesses to apply for their share of $18 million in federal assistance money. Mayor John Cooper said it’s essential that our small business community gets the help they need to get back on their feet and thrive
Here in Nashville, data shows office rent increased to about $30 per square foot since last winter.
