michelle April 15, 2020
April 1, 2020 was an uncertain day for property owners and renters alike. The reason? It marked the beginning of the first new month since the COVID-19 outbreak began in the U.S., and for many Americans, the rent was due.
We now know that an estimated 31% of renters nationwide failed to pay this month’s rent by April 5th. This means that countless landlords are also feeling the squeeze. According to HUD and the U.S. Census Bureau, 74% of all apartment properties across the country are owned by “mom-and-pop investors”, or those owning two to four rental units. For these landlords, rent is often depended upon to meet mortgage, property tax, and other household obligations — without it, the ripple effects of the current economic downturn will continue to be felt broadly.
There are many helpful resources out there for both landlords and tenants. However, because the laws vary by state and/or locality, it is important to refer to information applicable to where you live or own property. Here is a helpful guide for Bay Area tenants, while landlords in California can find some preliminary guidance here.
In the event of lost income, we encourage an open and honest dialogue between landlords and tenants. Many landlords are now offering flexible repayment plans. Above all, tenants limit their legal protections if they fail to establish a paper trail.
Only about $12B, or 0.6% of CARES Act funds, is earmarked for housing, and most of that money is meant for cities and states to support people who already benefit from public assistance. There needs to be further stimulus to ensure both tenants and landlords affected by COVID-19 can sustain themselves. The more voices our representatives hear this message from, the more likely they will prioritize comprehensive assistance. Click here to reach them.
While sometimes landlord-tenant relationships under strain become antagonistic, we should remind ourselves that we all need each other. We believe this is a time to build bridges, not burn them.
In the meantime, if there are any questions we can answer about the current situation, please get in touch:
"*" indicates required fields
Stay up to date on the latest real estate trends.
Michelle Kim | April 1, 2025
Quick Take: Silicon Valley continues to experience strong price growth, while East Bay home prices have stagnated due to rising inventory. Inventory shortages persist … Read more
Michelle Kim | April 1, 2025
Quick Take: San Mateo and Santa Clara continue to see incredibly strong growth in median sale price, while Santa Cruz remains mostly flat when compared to this time la… Read more
Michelle Kim | March 31, 2025
Quick Take: Affordability remains a concern across the country despite lower interest rates compared to this time last year. New homes are being added to the market, w… Read more
Michelle Kim | March 31, 2025
Quick Take: Inventory continues to be a huge problem throughout San Francisco, with continued year-over-year declines. Median sale prices continue to gyrate around the… Read more
Michelle Kim | March 31, 2025
Quick Take: On a year-over-year basis, prices have remained stagnant in the East Bay, likely due to the flood of inventory we’re currently seeing. Inventory levels a… Read more
Michelle Kim | March 31, 2025
Quick Take: North Bay home values continue to stay within their respective post-pandemic “price bands”, deviating slightly from the long term averages. Inventories r… Read more
You’ve got questions and we can’t wait to answer them.