The prospect of a national rent strike has begun trending as April rent is due, which could further jeopardize the stability of an already unstable housing market.
Voluntarily skipping rent payments is an entirely separate issue than providing rent assistance to those affected by the COVID-19 pandemic. The National Rental Home Council estimates that it would cost $10 billion per month to cover missed rent payments.
Those who have not been affected by the coronavirus pandemic are encouraged to continue paying their rent in order to help those who cannot. For landlords who have tenants that are unable to pay rent, there is a call to help ease those burdens.
Ideally, Congress and regulators will quickly enact rental assistance programs for all those affected by the COVID-19 pandemic. Until then, multifamily property owners need to take a leading role in assisting families in need.
“Ideally, Congress and regulators will act quickly to make rental assistance available to all renters who need it in the form of a certificate that can be easily used as cash by property owners. Although assistance programs will need to address issues such as renters falsely claiming hardship, support cannot come soon enough. Until then, however, multifamily property owners must assume their position at the frontlines of the fight to keep millions of Americans safe and healthy during the COVID-19 outbreak.”