I was wondering how other Apartment owners are getting ready for Corona Virus pandemic and good tenants that are losing their jobs. We have several C class apartments and most of our tenants work in the service sectors. As of last week over 70% of our tenants have notified us that they have lost their jobs and will no longer able to pay their rent. Also as you already know eviction is no longer an option. I'm not sure if on the Property management or asset management side there is any thing about delaying paying building bills, water, electric, mortgage, insurance....
Kindly let me know if any of you aware of any laws or programs that we can apply for to protect the business until this issue get back under control.
70% is a huge number. That is rough. I own C-Class properties and many of my tenants are seeing increases in hours (hospital worker, truck driver, a few retail workers (Wal-Mart/Target)).
None have yet come to me to tell me they've been let go.
In the event any of my tenants were let go, I would do my best to help them find jobs as even in my main market, which is somewhat depressed, I know people who are always hiring good workers.
Regarding "Also as you already know eviction is no longer an option." can you elaborate? Has GA legislature changed eviction laws? or are you talking about courthouses suspending cases?
Our Apartment is actually in Indiana. They are not accepting any Eviction cases. We have alot of tenants that haven't lost their job but they are taking this opportunity not to pay.