The coronavirus pandemic and multi-month closure of most businesses are continuing to damage the economy and, as a result, tenants’ ability to pay rent. NHMC, which represents the single-family rental home industry, reports that by April 5, more than 3 out of 10 professionally managed apartment households failed to make full or even partial rental payment for that month. Read further for additional statistics and outlook.
Affording full or even partial rent at this time is a major source of anxiety and stress for renters facing furlough or unemployment, or have been hit with unexpected expenses including childcare. “The reality, though, is landlords, either large or small, don’t have the capacity to have some sort of break in (payment),” says David Howard, executive director of the NHMC.
Governor Murphy’s executive order permitting tenants to apply their security deposit toward rent balances has further complicated the situation for New Jersey landlords.
Ananda Global, a full service real estate solutions company in Northern and Central New Jersey, is actively acquiring residential and commercial properties (both single-family and multi-family). While many buyers are pausing their search or retreating, we remain diligent and active in adding to our portfolio. We are available to assist landlords and homeowners in search of greater financial security, as well as buyers who are struggling to find the right home in this uncertain time.
Call us today at (646) 470-9527.
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