COVID19 continues to spread across the world and the impact on renters and landlords is immediate and significant. Layoffs and loss of income continues to impact society as a whole and renters dramatically; and the subsequent impact on the ability to pay rent has greatly impacted landlords and property managers.
Loss of income due to COVID 19 will greatly effect both landlords and tenants. Civic leaders at all levels of society are struggling with the impact of COVID 19 on society as a whole as well as with renters who have faced sudden loss in income; and continue to scramble for ways to assist those in need.
Millions of people are finding themselves out of work due to COVID 19. As non-essential companies have been shut down workers lose jobs and income dries up. Without a steady income many people are struggling with rent and across the country civic leaders are attempting to assist those in need.
From JD Supra (Mar. 19, 2020):
Notably, other localities have suspended all evictions, including the cities of San Francisco and Seattle and states like New York. jdsupra.com/legalnews/covid-19-update-for-landlord-industry-78234/
Eviction pauses continue across the country.
From CNN.com (Mar. 16, 2020):
Under most of the suspensions, property owners can’t issue new eviction notices, and existing ones can’t be executed. Many courts, like in Chicago’s Cook County, have already shuttered for weeks, so eviction hearings have been paused, too.
Most of the suspensions last up to 30 days. Boston’s could last for as long as three months. cnn.com/2020/03/16/us/cities-suspend-evictions-coronavirus-trnd/index.html
Without question the COVID 19 outbreak has caused enormous challenges to daily routines. Work from home, no school, social distancing, and paying rent: all have an impact. And when a job is lost the challenge of paying rent becomes significant.
A best practice is to talk to your landlord or property manager about your inability to pay the rent and some landlords will work with you directly to come up with a temporary solution. This should be a first option.
As the COVID 19 crisis has affected nearly every single sector of the economy, with an impact not felt since World War II, landlords and property managers should be accommodating.
Tenants should talk to their landlords, especially now as relief benefits from the federal government may not kick in for a few weeks.
As the country continues to maneuver through the current COVID 19 crisis people will still need to rent properties and landlords will need to conduct tenant screening. And a best practice for landlords and/or property managers is to work with a well-qualified third-party tenant screening agency in order to remain in compliance with local, state, and federal changes in laws governing tenant screening as well as short-term executive orders.
To learn more about how COVID 19 has impacted the rental marketplace and what government entities are doing to help assist those in need read recent TenantScreeningUSA.com press release: COVID19 Creates Trying Times for Rentals and Landlords