Columbus Rent Collection - April Mid-Month UPDATE

[Peter Lohmann]

As of today April 16th, we're at 94% of rent collected, which is very close to our average at this time of the month. This is for 400-something occupied units.

Some other points to consider:
-If you have a federally backed mortgage (Fannie, Freddie, VA, FHA, or HUD), you are forbidden from charging late fees or initiating evictions for 120 days from the passage of the CARES Act. This will be a bloodbath for landlords as we get into June/July and more and more tenants fall behind in rent, with no way to replace them with new paying tenants.

-This idea that tenants (both residential and commercial/office/retail) are going to "get caught up on rent later" (by spreading out the missed payments or tacking them onto the end of the lease) is complete fantasy. Landlords are going to be selling to escape the pain.

-The response to non-paying tenants by our clients (the landlords) is all over the map. Everything from "Waive the next 3 months of rent" to "File eviction ASASP". We are deferring to our client's preference.

-Property managers who earn a % of the rent collected (instead of a flat monthly fee) are may have solvency problems in the near future.

-Leasing continues to be BRISK for us. I attribute this to our self-showing lockboxes (most don't have this -- and so can't show property at all).

How are you finding rent collection to be for your portfolio?