The Coronavirus pandemic has created a situation that no one could have predicted. As we approach the first of the month when rents come due, unemployment applications are skyrocketing as many businesses have been forced to close their doors and entire industries to grind to a near halt. Meanwhile, landlords must manage the concerns of their tenants while simultaneously ensuring they can cover their own mortgages.
Nick Mertens, vice president of property management for Atlas Real Estate, which manages roughly 3,200 units across Colorado and Arizona, said the company hasn’t had many people call in yet saying they won’t be able to pay rent. For the ones that do, the company is sending links to resources and trying to deal with each resident on a case-by-case basis.
“We’ve been impressed with organizations such as FirstBank who have already said they will look at deferring a month’s payment for multiple types of loans,” Atlas CEO Tony Julianelle said. “It’s also important to remember that it’s never to a lender’s advantage to take back a property or end up in foreclosure. It’s an expensive process.”