Due to layoffs related to the coronavirus outbreak, almost one third of all residential tenants did not pay rent during the first week of April! The National Multifamily Housing Council says 31% of renters didn’t make their payment in the first week of April. However, a NAR flash survey reported that one-third of residential property managers cited having no issues with their tenants paying their rent, compared to more than half of individual landlords. The expectation is that next month could be even worse if renters don’t get government assistance in time to pay May rent.
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Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.