COVID-19: What Landlords Can Expect in the Coming Months
The Pandemic of 2020 has truly altered or drastically affected everyone’s life and day-to-day operations. As a landlord, navigating these difficult times has definitely been challenging. As we enter the middle of August, the situation does not seem to be getting any better. In fact, landlords and property managers are starting to wonder if things are actually getting worse.
The truth is that the end of the $600 a week stipend and the moratorium on evictions essentially expiring on August 24 are leaving millions in limbo. So, what exactly does this mean for the months ahead? Well, that is the question on most landlords’ and property managers’ minds. The best way to address this question is to look at the many façades of the multifamily rental industry that have been affected by COVID-19.
Rent Payments
Clearly, COVID-19 has had a significant impact on tenants’/renters’ ability to make consistent or on-time rent payments. Many tenants have worked out agreements with their landlords, some are simply unable to pay, and others have found a way to stay afloat during these uncertain times. The concerns here are the reduction of unemployment benefits, the looming end to the moratorium, and many businesses closing their doors for good. With all these things happening at the same time, it is unclear how people are going to continue to pay for the basics.
The good news is it is not all gloom and doom here; there has been a significant shift when it comes to remote workers. Since a good……
The truth is that the end of the $600 a week stipend and the moratorium on evictions essentially expiring on August 24 are leaving millions in limbo. So, what exactly does this mean for the months ahead? Well, that is the question on most landlords’ and property managers’ minds. The best way to address this question is to look at the many façades of the multifamily rental industry that have been affected by COVID-19.
Rent Payments
Clearly, COVID-19 has had a significant impact on tenants’/renters’ ability to make consistent or on-time rent payments. Many tenants have worked out agreements with their landlords, some are simply unable to pay, and others have found a way to stay afloat during these uncertain times. The concerns here are the reduction of unemployment benefits, the looming end to the moratorium, and many businesses closing their doors for good. With all these things happening at the same time, it is unclear how people are going to continue to pay for the basics.
The good news is it is not all gloom and doom here; there has been a significant shift when it comes to remote workers. Since a good……