Landlords Brace for Tenants Unable to Pay Rent
Landlords across the country are anticipating fewer people will be able to pay rent in May than April. With more than 43 million rental households in the US, landlords are increasingly aware of their tenant’s uncertain financial security, and with it, their own.
Some landlords have their own mortgage payments to make or have building staff, maintenance workers, and management companies who are now essential workers and still need to be paid.
In the meantime, as eviction moratoriums — that put the process of removing a tenant on pause — are starting to be lifted, housing lawyers are urging landlords to remain calm.
“We’re telling landlords to just hold tight. We are highlighting the public health issue of needing shelter to shelter-in-place. It will be difficult for landlords to fill their vacancies right now. They need to hold tight and see what relief money might be coming,” said Hazel Remesch, supervising attorney, Legal Aid Society of Cleveland.