Rental property owners are definitely feeling the pinch due to so many of their tenants out of work due to the coronavirus. Add to that, the stay-at-home order has everyone staying at home putting more wear & tear on the units they live in.
Rental property owners are also investors. They invest their money in properties to earn a profit by renting and leasing them to others. There’s no such thing as a risk free investment and coronavirus is hitting landlords hard who don’t have the resources to absorb the hit from tenants who just can’t pay.
Since a tenant can’t be evicted right now, there will be more than a few landlords who will lose their properties because their mortgage is dependent on receiving rent payments. As the ball rolls down hill, there will be some tenants in buildings lost by landlords who can’t pay their mortgage who will lose their apartments because the building is in foreclosure. Oh yeah, it’s about to get ugly for some renters out here.
There are some rays of sunshine in the rental world. Some compassionate landlords with the means to withstand the financial blow of reduced rental revenue are offering their tenants discounted rents and some are accepting no rent payments at all during the coronavirus days. It’s got to be a sigh of relief to have one of those landlords right through here.
And then there’s this from a Chester landlord. The Banneker Apartments on 7th and Engle has a landlord that just sent tenants a letter insisting they pay for damaged window treatments. They want $25 for any damaged blind that needs replacing and $15 for any screen.
Under normal everyday circumstances, I’m in the landlord’s corner. Blinds and screens do break and if a landlord can get you to fix them while you live there, he should. The price is fair and in line with what you’d pay to do the same work yourself.
However! Mr. Landlord, it’s coronavirus time. People are struggling and here you come worrying about a blind and a screen. As my dad would say, ‘Have you lost your damn mind?’
Somebody do something about this.