New study shows renters struggling to make payments during COVID-19 crisis

Coronavirus

BALDWIN COUNTY, Ala. (WKRG) – It’s a problem renters are facing right now due to lack of work and uncertainty in the job market.

“Really looking into May and beyond, 4 out of 10 renters said they had concerns about their ability to pay their rent,” said Brian Carberry, Managing Editor for Apartment Guide.

He’s noticing a trend that doesn’t appear to be getting any better in the coming months.

“Renters are concerned about it, property managers are starting to take certain steps to help renters in this situation,” he added.

Carberry says each case is different, but he’s seeing a lot of landlords offering deferrals, payment plans, and in some situations, allowing the tenant to use their security deposit as rent.

“You don’t want them to assume what your situation is, so if you are open and honest with them and explain clearly what you can do and what you can’t do it’s going to help you in the long run,” Carberry said.

He warns you to be careful, though. In most situations if the landlord is deferring any payments they’ll expect those missed payments at some point or another down the line. He says plan now for what you can do and try to stay as current as possible to avoid further issues later in the year.

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