COVID Impacts on the Rental Market
Inside the 80027 with Terri Ellerington Real Estate Professional
English - May 21, 2020 10:00 - 21 minutes - 14.6 MBInvesting Business Entrepreneurship real estate property management louisville superior community invest boulder lafayette mortgage rental Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Being in the industry for over 20+ year as a professional Property Manager and owner of Peak Property Management at Re/Max Elevate, this is one of the largest impacted industry! Over 1/3 of American's were unable to pay their rent for the month of April. Approximately 10% of Americans with Hardship have been placed on a payment plan, but what happened to the other 23%, they just didn't pay.... What does this do to landlords? With little protection and help from the CARES Act, most are struggling with what to do. Approximately 6% of a recent study of landlords said they had insurance coverage for loss of rent payments, 58% said they had no credit line or loan capability to find help. We also know what happened with the PPP loan... Landlords have been impacted significantly.
What I can tell you after hours and months of webinars, classes, zoom calls, etc. Boulder County and other surrounding areas have weathered the storm overall better than American.
Tune in while I share what has happened with rental rates in Boulder. What I have experienced personally with our management company with payment plans, rental rates and rental retention.
If you know anyone that has an investment property during this time, the best advice that I can give you is HIRE a PROFESSIONAL! During this time you want someone that has experience, professional service/advisors at hand, proper documentation, knowledge of the laws (and the ever changing regulations and responsibilities places on landlords). Peak Property Management can help you navigate these challenging times, with experience.
Peak Property Management
303-974-5477
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