Only about half of Americans are confident they can pay full rent in May: Survey investinyou (In partnership with acorns.)
, and for renters the act and many states and cities have banned evictions during the health pandemic.
"This is a very overwhelming time for renters, and I think they are worried about surviving and keeping a roof over their heads," said Dru Armstrong, CEO of Grace Hill., who is familiar with the survey, said one thing that stood out in the data was that the people hardest hit by the coronavirus crisis were the least familiar with the CARES Act. "A significant percentage of people who said they had experienced an income loss reported no familiarity with the CARES Act.
"Communication is the most important thing during this whole uncertain time. Renters need to make sure they are communicating with their property managers about their current situations," Armstrong said. "And we are telling all of the companies we are working with to practice empathy.""People are not navigating through a tough economic issue, but a serious health crisis as well. And it is important everyone remembers that," she said.
"We've changed our wording and tone in our letters to renters, and we've also implemented payment plans for those who need a little extra time," said Courtney Gordon, senior vice president at property manager Rise Residential. "Our property employees are calling renters to just check on them and make sure they are okay, because this is a stressful time."Gordon said Rise Residential has worked out various payment plans with their renters.
"It is all about communication. As long as you explain to your property manager when you will be able to pay the full amount, they should understand," Armstrong said. "One of the things we are seeing is property management companies trying to keep pace with all the changes and update their policies and train their teams on what those policies are," Armstrong said. "What may have been true a month ago or even a week ago is probably not true anymore.
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