On top of worrying if residents will be able to pay rent, owners and operators of rental communities are now busy creating safety guidelines for reopening amenities and services. Though virtual showings and digital tools will continue to be important in the post-pandemic real estate industry, rental communities have the added burden of scheduling daily cleaning for the shared areas of their buildings, staggering shifts, enforcing maximum occupancies for rooms, and cooking up other new protocol meant to keep resident and employees safe, according to Forbes. Find out what other ways rental communities are adapting as they reopen.
As apartment communities begin to ease some coronavirus restrictions, rental housing providers are laying the groundwork for a new normal that will be anything but ordinary.
Apartment firms are concerned about the economy and the impact that the pandemic will have on operations, according to Amy Groff, senior vice president of operations for the National Apartment Association (NAA). Owners and operators rely on rental income to pay employee payroll, mortgages, taxes and insurance.
Residents’ ability to pay their rent is being closely monitored to maintain continuity of essential services. More than 40 million Americans have filed for unemployment benefits since COVID-19 forced the economy to shut down in March. An additional $600 a week in unemployment benefits is set to expire at the end of July if Congress does not pass another stimulus bill to extend benefits.