Small landlords struggle as renters either can't or choose not to pay due to coronavirus layoffs
There are about 8 million individual landlords in the U.S., those who typically own between one and ten properties.Unlike large real estate companies and REITs that own multiple rental buildings, small, so-called "mom and pop" landlords have neither the cash nor the credit availability to cover their costs when the rent runs out.As job losses climb into the millions due to the coronavirus pandemic, laid-off workers increasingly can't make the rent.
Avail conducted a survey in late March of over 3,000 mom-and-pop landlords and over 7,000 tenants who rent from them. More than half of the renters said they had already lost their jobs due to the coronavirus outbreak, and of those about a third said that if they couldn't afford to, they would simply stop paying rent. Some said they would look to family and friends for help, while others said they didn't know what they would do.
"The expenses they have to pay for maintenance on the building — there's no forbearance on paying your utility bill," he said. While laid-off workers will get stimulus checks from the federal CARES Act, as well as enhanced unemployment benefits, Denchfield is worried that some tenants will just not pay the rent because most states have instituted a stay on evictions.
Vipin Motwani is a larger Maryland and D.C. landlord with about 40 rental properties, but nowhere near the size of big rental companies. He is also getting calls from his tenants.
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