The end of the month is approaching fast and my property managers are already receiving indication from a handful of tenants that they were recently let go of their jobs. I anticipate the number of effected tenants to increase from now moving forward without any indication of a slow down in the near future.
Multi family management is a business after all, and from my perspective, it's best to balance your business attitude with a sympathetic one. during this time.
I instructed my property managers to waive late fees and push move in dates to accommodate new tenants.
For all existing tenants I think the wisest thing to do is ask them to pay what they can. It's difficult to forgo payment entirely, it's not like you can walk into a grocery store and ask for free milk and eggs because you lost your job. Property owners still need to keep the common areas lights on, still need to pay for water in certain places, pest control, landscaping etc...
Rent should be deferred, not excused. I don't foresee any lenders emailing their borrowers saying this months on us. Like everywhere else, deals need to be made and compromises will become a necessity.
It's important to remain transparent with your tenants right now because we're all in uncharted territory and we're in this together.
I would love to hear feedback on how other property managers are working with their distressed tenants right now.
