30 Dec On-time rent collection drops for small SoCal landlords – What’s the solution to the problem?
Since the onset of Omicron, more small SoCal landlords are reporting that they are seeing the lowest on-time rent collection since April of this year.
Sadly, Omicron has presented a setback for the already strained California economy, and with more tenants out of work due to the virus, more tenants may be unable to pay their rents on time through the winter of 2021-2022.
Thankfully, as people get vaccinated, there are fewer hospital stays due to Omicron than there were during the first wave of the Pandemic in 2020, but the reality is that it’s still affecting California and the national economy.
National Multifamily Housing Council Confirms Just 75 Percent Of Renters Paid Rent On Time In December
Recent data from the National Multifamily Housing Council shows that just 75 percent of renters, in 11.5 market-rate apartments, paid all or some of their rent by December 6th.
This is a 5 percent decrease from November, and a confirmation of what we’ve been seeing with the rental market in California.
Evictions may be playing a part when it comes to the decrease in on time rent payments statewide as more landlords are moving forward with evicting their tenants, especially in Los Angeles, where evictions are allowed with some COVID-19 related limitations.
Will 2022 Be Another Tough Year For Landlords In California?
The good news is that with the end of the eviction moratorium, many landlords are finally getting back on track financially with their rentals, but there’s no denying that it’s going to take time for the rental market to recover from months of uncollected rent.
Multifamily as a whole continues to be a ‘safe haven’ for most investors during the Pandemic because unlike single-family rentals, when one multifamily unit is left unpaid, landlords can still rely on the consistency of payments from their other units.
What’s The Solution To Ensure On-Time Rent Collection In 2022?
With a new year fast approaching, and a Pandemic that’s stretching into its 2nd year, the solution to ensuring on-time rent collection in 2022 is property management.
Landlords who have their properties managed by a property manager can enjoy peace of mind in knowing that their rentals are managed by a professional who will make sure that rent is collected on time each month.
Besides on-time rent collection, a property manager will also handle the other aspects of property management including maintenance, customer service, accounting, and more.
If you’re tired of managing your Los Angeles area properties yourself, or if you’re ready to hire a new property manager, contact us today at (213) 927-2117 or click here.