On the Landlord-Tenant Relationship During the Current Crisis
The current pandemic that is coronavirus or COVID-19 brought so many changes in our lives in just a snap of a finger. Nobody expected that this would go down the way it did, and there was no preparation whatsoever so governments and various businesses all over the world are facing one of the biggest challenges in recent years.
Talking about businesses, the current crisis has affected the real estate industry in many ways – including the rental industry. It is indeed a trying time between the landlord-tenant relationship. Certain issues need to be discussed and now, more than ever, is the perfect time to reach an agreement.
Governments imposed lockdowns to protect residents and prevent the virus from spreading further. This would mean that there are business owners that will make the difficult decision to either allow their employees to work from home or temporarily stop their operations. This arrangement shouldn’t be a problem for some, but for others this could just be one of the trials they will be forced to face. Employees of businesses that will temporarily shut down because of the pandemic would most likely have to deal with losing their jobs in the meantime. This will be a huge setback to their personal lives, especially if one is paying rent.
The National Cabinet included this very issue during their discussion about measures taken to prevent the spread of the virus. As for tenants experiencing an extremely tough time making ends meet, a relief package will make a lot of difference. However, there is some delay with delivering these. It’s has been about 2 weeks since businesses were forced to close down, while other restaurants are restricted to deliveries and takeaways. Other companies had to adjust to the situation, but for those who won’t have incomes for a while and won’t be able to pay rent, landlords cannot evict them as per the amendment to ban housing evictions in line with renters’ rights most especially during the current economic climate.
People are under distress over the current situation, and much more over losing their homes. This very unfortunate situation is in fact awful, and there has to be some measures to be done to help out residents.
During this extremely challenging time, everyone must be taken care of. One of the best ways to do that is to push for national measures concerning renters and landlords. Preventing people from losing their homes and mortgage foreclosures is more than an economic support – it is also a health response. Individuals that will lose their homes will experience ever more distress that could make them even more vulnerable to illnesses both physical and psychological. As a community, we really can’t let that happen.
As part of the real estate industry, we encourage landlords and renters to have a conversation about the situation. Landlords or investors should keep in mind the struggles the renters are facing, and vice versa. Adjustments should be that will work for both groups of people. After all, now, more than ever, we need to take care of each other.
At Xotel, we are dedicated to provide support to various organizations in our goal to end homelessness. You can reach us on our Facebook, Linkedin, and Instagram pages.