The effects of Covid-19 on the
residential rental market are apparent—many jurisdictions have enacted rent
freezes, landlord/tenant courts have been shut down and moratorium on evictions
and foreclosures have been set. Moreover, the accompanying downturn in the
economy has left many without the ability to pay rent on time, if at all.
Considered rationally, the need
for all of the social safety nets put in place for renters is obvious. The only
way to truly survive a global disaster is to band together and implement a series
of solutions. Radical measures had to be taken to mitigate the global pandemic.
“We’re all in this together,” is not just a motto, it’s a reality. As a
society, we are tasked with taking care of our most vulnerable populations,
because the repercussions of not doing so are far more expensive than the costs
of their protection. In this instance in particular, increased homelessness and/or
a wave of relocations due to a rise in home displacement would only serve to
exacerbate infection rates around the nation. That said, here are some clear
lessons that residential landlords can learn in the wake of this global event.