By Ari Chazanas, Lotus West Properties
As with many industries and businesses, the pandemic has proven incredibly difficult for landlords and property managers who make their income from rent payments. But as tenants have been unable to pay, landlords have been forced to dip into their savings and other “rainy day” emergency resources to survive.
I’ve shared my insights on the difficulties that landlords and property managers would encounter because of the city and state mandates. Beyond the impact on property owners’ finances, the buildings they own have suffered because there’s little money left over for making necessary repairs and renovations. These reductions in expenses extended to staff layoffs and deferments on mortgage payments and other financial responsibilities. Additional fees were incurred on late payments for expenses such as utilities and insurance premiums.