Landlords have seen a significant drop in payments as the COVID pandemic has shuttered businesses and caused record-breaking unemployment over the past two months, a property management technology company has reported.
According to Rentec Direct's recently issued report, landlords received a 19% drop in rent payments between early March and early May. The report, however, also noted that landlords might have more success receiving on-time rent payments if they allow tenants to pay their rent online.
"As COVID-19 continues to impact markets across the globe, many are left wondering what the future will hold in the rental industry," Rentec Direct President Nathan Miller said in prepared remarks. "It's safe to assume landlords are directly feeling the effects of this global shift. We are on a mission to determine how COVID-19 has impacted rental payment behavior by comparing the first week of each month to the same period in March, when most state shutdown orders occurred."
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Max Mitchell
Max Mitchell is ALM's Regional Managing Editor for The Legal Intelligencer, New Jersey Law Journal, Delaware Business Court Insider and Delaware Law Weekly. Follow him on Twitter @MMitchellTLI. His email is [email protected].
