We are all in unchartered waters when it comes to the COVID-19 impacts. The rules are changing daily at the Federal, State, and Local levels. This is causing landlords to reconsider what processes should be adjusted to accommodate tenants. In addition, how will this impact the rents, cash flow, and the market? All is unknown, but one thing is for sure – We are in this together and this is the time to be a community and use communication to find solutions.
March 26, 2020
The Landlord's Almanac
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What is your advice about moving right now?
Many tenants are reconsidering moving out.
Advice to landlords is to clean before the tenant moves in.
Tenants about to move into the property.
Cleaning around the turnover process.
Status of moving.
Vendors being held to standards to avoid the spread.
Working with connecting tenants to resources.
The process of asking questions to keep vendors safe.
Should landlords serve notice right now?
Rent is still due. Some landlords can help, and others can not.
What if a tenant gets the virus?
We can’t ask or force tenants to provide medical information.
Should a tenant disclose, we can take further measures to help avoid the spread.
A landlord cannot evict a tenant for becoming Ill.
Federal Rules, State Rules, and the judges all have different rules around evictions.
Should a landlord’s offer rent reductions during this time?
Our answers are no, unless if the answer has a lot of reserves.
Landlords are also losing their jobs. Landlords also have bills.
Landlords might have some help with a mortgage delay, however, there are consequences.
All the bills are still due.
What is your biggest fear during the property manager
Being able to stay open to still help the community. 20min mark
What do you see the rental market being in the near future?
It varies and depends on the price points of the rental. They all were impacted in different ways.
How fast can tenants get back to work
Tenants are signing lease renewals to lock in the price.
More tenants might stay in place and not move, impacting supply.
The real estate sales might slow down, which could add to the supply.
However, if people continue to leave the state, this will impact supply.
At this moment, I’m not seeing a significate price drop in rents.
Do you see this as a shaking out period with properties?
In 2015, to now, rents have dropped, and foreclosures have been incrSupport the show