By Patrick Carroll
There’s a saying – “You don’t fix the roof when it rains” – that offers a lesson for businesses. It is a lesson many businesses across industries had to learn when the Covid-19 pandemic hit. The sudden changes threatened the business-as-usual mentality they had become accustomed to. In multifamily, this lesson presented itself in the form of delinquent rent payments. The industry as a whole braced for a sharp decline in rent collection as unemployment soared, leaving many properties scrambling to put contingency plans in place.
However, during the first shutdowns, some owners and operators found that being well-prepared kept their multifamily boat above water. Despite the increase in delinquent rent payments across the board, many properties are still collecting rent at rates similar to last year (paywall). The key is – and has been – working with residents and building trust.