15 Jan $25B in Rental Assistance Is on the Way
Property managers in Palm Beach County – including Wellington property management expert Cara Thompson – and all across the country have a unique perspective on the economic strain that the pandemic has caused in rental markets. Managing rental properties from Boca Raton to Jupiter, we know the pain that both landlords and tenants are experiencing as a result of Covid-19.
Fortunately, as the Sun Sentinel reports, $25 billion in relief funds is on its way to renters and landlords. Twenty-five billion dollars is a lot of money, but it’s not nearly enough to solve the crisis.
“Moody’s Analytics estimates that U.S. renters might be as much as $70 billion past due. Advocates for renters and property owners have been asking since last spring for $100 billion to get tenants through the pandemic,” the Sun Sentinel says.
Relief Funding for Renters and Landlords in Palm Beach County
The economic chaos caused by the pandemic has made it hard, if not impossible, for millions of families living in rental properties to keep up with their rent. When Congress let the federal unemployment benefits that had been part of the early round of Covid-19 relief efforts expire at the end of July, millions more found themselves unable to pay the rent.
“Moody’s Analytics, a data firm, estimates that 11.4 million U.S. households that are behind on their rent owe an average of $6,000 each,” the Sun Sentinel reports.
While the $25 billion allocated by Congress for relief won’t make everything right, it will help a lot of Americans. “The $25 billion will still go a long way toward preventing millions of tenants from ending up homeless, where they would be at greater risk of catching and spreading COVID-19,” the Sun Sentinel reported after speaking with Sara Saadian, vice president of public policy for the National Low Income Housing Coalition.
“If distributed based on population, Broward, Palm Beach and Miami-Dade counties should receive a combined $402 million — enough to wipe out $6,000 balances for at least 60,000 households,” the paper figured.
Unlike previous relief efforts, this time landlords can file an application for relief funding for their tenants and can qualify to receive direct payments from the government on their behalf.
If you have found yourself asking yourself, “Should I get someone to manage my rental property?”, this would be a great time to bring in professional help. Contact us for information and take advantage of our experience in property management from Boca Raton to Jupiter.