Apartment firms are working with delinquent renters, according to the National Multifamily Housing Council survey of apartment owners and managers.
The NMHC Pulse Survey on Eviction Mitigation Practices, which ran from July 19 to 26, showed that 100% of the 74 firms responding offered payment plans for residents facing financial hardships. Ninety-six percent of respondents waived late fees, while 78% provided deferred payments and 58% provided extended, shortened or other changes to lease terms. Fifty-four percent provided cash for keys and 50% provided fee-free ability to charge rent on a credit card.
In addition to working with residents, apartment firms have taken additional steps to support them during the pandemic. Included among those steps are increased cleaning and sanitation (95% of respondents), connecting residents with food backs, charities and other local support resources (86% of respondents), informing residents of healthcare protocols and best practices (86% of respondents), hosting virtual social or exercise events (57% of respondents), creating on-site services at communities to support residents (50% of respondents) and making it easier to work from home (49%).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.