April Rent Collection at 100%

[Anthony Wick]

We chose to not reach out to our tenants ahead of time to ask or offer economic relief. We felt alerting all tenants to a relief plan before they even decided they needed it would not be in our best interests. We did have a plan and policy in place to work with tenants if they could not pay rent in full by April 1. Our plan included requiring proof of lost wages, suggestions for gov't assistance, and possibly a payment plan over the life of the lease to catch up on rent. Our plan does not include free rent, or discounted rent. 

With the gov't announcing $1,200 per person payments, $500 per child, and expanded unemployment benefits, we believed all tenants should still be prioritizing their rents, immediately after food. Food, shelter, everything else. 

While we do not have 100 units or 1,000 units like some, I went on record stating a blind discount across the board just didn't make good business sense. Many have chosen to go that route, and if that works for your business, great. I'm just pleased what we chose to do has worked, for at least the month of April, with zero loss of revenue.