Across the country tens of thousands of individuals face a significant loss of income due to the Covid 19 pandemic. From factory workers to farmers, to people from every walk of life, the threat of income loss is very real. The same holds true for small property landlords.
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “Often times rent from a small rental property is an owner/landlord’s only source of income. The inability to evict tenants that cannot afford or pay rent not only affects the renter but the landlord as well.”
With the eviction moratorium still in place in some parts of the country landlords are feeling the pinch as they cannot evict tenants that can no longer afford or pay rent.
Almeida states: “Not every landlord is a giant corporation that may have the wherewithal to survive a loss of income that is as significant as what COVID 19 has caused. In most cases, a small property landlord must have every unit rented out in order to profit. A small property could be a single unit, a home or a room or even up to several units.”
When a renter loses income circumstances may be such that a renter just walks away from a unit, forfeiting deposit and personal belongings. Sometimes it is not as simple.
From KENS5.com (July 31, 20):
What was once a purchase with potential has turned into a pitfall. Walking into … latest rental property left her with very few words as clothes and debris were left all over the rooms and a gaping hole could be seen on the ceiling.
“It’s scary and it’s sad,” … “A total loss of income, it’s a total loss.” (1)
Almeida adds: “One cost that should never be a burden on a landlord or property manager is the actual tenant screening package. TenantScreeningUSA.com has designed low cost tenant screening packages specifically for small to mid-sized property managers and landlords.
Some states are beginning to work on legislation designed to assist the landlord as well as the renter.
One such example is in New York where a proposed bill is designed to assist the small property landlord.
From JD Supra (July 21, 20):
Residential housing cooperatives and affordable housing operators that can demonstrate they lost maintenance or rental income during the COVID-19 cancellation period would be able to apply to the state to recoup those amounts. The bill would establish a “landlord relief fund” to reimburse landlords for all cancelled rent payments, contingent on a five-year freeze on rent increases for tenants, and a commitment not to evict tenants without good cause. (2)
Almeida concludes: “For personalized service and affordable tenant screening, landlords and property managers of small to mid-sized rental properties should consider TenantScreeningUSA.com.”
TenantScreeningUSA.com provides full-service tenant screening for landlords and property managers of any size and can greatly assist in remaining fully compliant with all existing law governing tenant screening. With a highly trained and experienced staff, TenantScreeningUSA.com can provide help to landlords and property managers with all their tenant screening needs.
Notes:
(1) kens5.com/article/news/health/coronavirus/its-a-total-loss-of-income-small-landlord-feels-effects-of-eviction-halts/273-bff8c656-c5ac-4b25-863b-f1a75ecce1b8
(2) jdsupra.com/legalnews/new-york-state-legislature-considers-16143/
