Historically, Property Managers have been known for the stereotype of being crass and not thinking of their renters. Everyone knows it, the down on their luck propagandist needs to pay their rent before a certain time frame or they will be thrown out of the building by the Property Manager. It's a good plot setup. So when looking into the impacts of the Covid-19 virus on renting and Property Managers it came to little shock that profits were down for all Property Managers. This is no shock, most businesses during the span of 2020 to the current release of this blog, are having difficulties making a profit. But according to the survey done by Harvard University, it was found that extinction rates from Property Managers went from 15% in 2019 to 48% in 2020. And more surprisingly the rate of rent being forgiven also went up from 3% to 21%. This was happening at all levels of Property Managers. Though it depends of course on the Property Manager themselves if they would fall into this category, but the increase is still significant. Even the top Property Managers that made that 90% of all rent in the U.S cities where the survey took place, their profits went down by 30%. Now I am not saying that all Property Managers were and are like this. People act differently under pressure and this definitely doesn’t represent every type of Property Manager. But it brings a little hope that some Property Managers do care about the people that they house.
If you like to read more here, is the study done by Harvard.
(image from https://pixabay.com/photos/give-key-receive-hand-keys-5242150/)
No comments:
Post a Comment