4 Ways to Offer Rent Assistance and Avoid Evictions in Tough Economic Times
While we're in the middle of a pandemic, it's important to remember we're all dealing with challenges.
There has never been a global disruption to daily life quite like what we’ve seen from the coronavirus pandemic. It’s a reminder that we’re all in the same boat, good times and bad. Recent struggles with unemployment, social distancing and even paper product shortages have real effects on our mental, physical and/or financial well being. Without assistance, some people may have to choose whether to pay rent or buy groceries.
What can property managers do to avoid evictions? Here are four ways to approach rent assistance, especially when the economy is in rough shape.
1. Consider rent deferral for residents who may have lost their jobs
Addressing every multifamily, single-family or commercial tenant’s request individually has its benefits. Here are just a few reasons to personalize rent deferment and assistance plans:
- You give priority assistance to those who have lost their main source of income
- You want to avoid deferring rent to someone who can still pay
- There may be better ways for the tenant to receive assistance (e.g., government programs)
- Uncollected rent puts your business at risk and may upset owners
- You need a constant stream of revenue to support yourself and your staff
Even when the economy is bad and some of your residents are jobless, it’s still your right (and your job) to collect the rent you’re owed. It might take time to evaluate each renter’s needs and come up with a payment strategy, but it’s worth it. After all, you need to be paid, but jobless tenants need support due to societal events and aftereffects that are out of their control.