Small businesses face new threat: ballooning rents [FOX Business Network]
Bank of America Corporation (BAC)
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Source: FOX Business Network
Now they're facing a new hurdle: rising rents. New findings published by the Bank of America Institute show that many small business owners are still contending with high inflation, particularly in the form of rent. In fact, there is evidence that small business rent inflation exceeds that of U.S. households. The average monthly share of rent in total payments through May is 9.1% for small businesses – a sharp increase from the 2019 average of 5.9%. By comparison, rent for individual Americans rose 5.3% in May. The increase is being felt most acutely in the West, in cities like Las Vegas, where the average share of rent in May was more than double the national average, according to BofA. "Rent payments per client closely track the nonresidential real estate rents component of the producer price index, suggesting that these increases are largely due to inflation rather than small businesses upgrading to bigger or better spaces," the report said. The sharp increase in rent ha
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