Many small landlords are voicing their concerns about their savings being affected since their tenants are failing to pay their rent during the pandemic. Since most of their tenant cannot pay their rents, many landlords are forced to get from their own pockets. This includes their needs for everyday survival and other expenses such as maintenance and repairs. This is starting to affect them in a serious way negatively.
Savings of Many Small Landlords Are Being Affected
According to CNBC, many small landlords of various housing properties are voicing out their concerns. They are voicing that the current situation is drying out their wallets and bank accounts. Many of their tenants, usually living in a single-family or multifamily rental properties, weren't able to pay their dues due to COVID-19. The main reason for that is their losing their jobs, while some due to reduced income.
Even though some tenants paid their dues thanks to various benefit assistance, many have recently stopped receiving them. Sadly, a relief package meant for helping renters has been halted due to conflicts between politicians in congress. Do note that most small landlords (about a third) heavily rely on their tenant's rent for their source of income.
Landlords, Even Smaller Ones, Gets All the Flak at the End
Even though some smaller landlords are kind enough to understand the current situation, some are still being mistreated. According to The Guardian, many landlords are experiencing some stigma against them. They are thought of as heartless when they are asking for their tenants to pay up. Sadly, many of those said tenants will retort back to them, not thinking about the involved costs.
Most of those said costs are maintenance, mortgage payments, property taxes, and insurances. In situations like the current pandemic, most landlords still need to cover the costs of operation. Not all of their expenses are halted, unlike to tenants who are protected. Therefore, landlords will be forced to use their cash to cover the costs involved in most cases.
Unfortunately, Some Small Landlords Are Forced To Resort To Dirty Moves
Maybe due to the problems they're facing and the current pandemic, many landlords have resorted to illegal ways. According to NBC News, there are some reports that some landlords have harassed and threatened their tenants. Some tenants have reported that their utilities have been deliberately cut off. Some are saying that maintenance workers are sent to make them leave the property.
Many tenants are scared of this and don't know what to do. Some want to move out but are unsure of how to find a new home. At the same time, others don't like the idea of moving out during an ongoing pandemic. Even though there are restrictions on tenants' eviction during a pandemic, many still are evicted regardless. Even tenants who are waiting for checks from their unemployment or as a form of stimulus aren't safe. Hopefully, both parties can get in an agreement to avoid these kinds of reports.
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