While much has been said about COVID-19 stimulus relief for individuals and businesses – including a moratorium on evictions and rent payments for tenants – not a lot has come to the forefront regarding investment property owners and their ability (or inability) to pay their own bills.
That is, until recently.
In the waning days of 2020, Congress approved rental aid that can help with lightening the backlog of unpaid rent that in turn has left investment property owners struggling to make their mortgage payments, as well as payments for repairs and emergencies related to their real estate businesses.
According to the National Association of Realtors, this latest legislation will provide $25 billion through September 20, 2022 for rental assistance. These funds are being allocated to each of the U.S. states via the Treasury Department – with a minimum of $200 million going to each state, based on population.
The legislation also allows landlords to apply for funding on behalf of their tenants, which may include:
- Payments of rent in arrears
- Utilities expenses
- Other costs that are related to housing
There are also some provisions in this new legislation that could indirectly help rental property owners, such as an extension on the maximum number of weeks that individuals may receive unemployment benefits from 39 weeks to 50 weeks (which could allow tenants to more easily make their rent payments).
A Property Manager Can Help
Even so, the ownership of rental real estate can still take up a great deal of your time. However, having a property manager on board can help to alleviate the time-consuming tasks of managing tenants, responding to emergencies, and taking care of the regular property maintenance issues.
If you own residential rental property in Orlando and/or the surrounding Central Florida area, feel free to contact us directly for more information on how we can make your life as a landlord much easier and stress-free.
NAR’s Federal Advocacy Responses to COVID-19. National Association of Realtors. December 21, 2020. https://nar.realtor/political-advocacy/nars-federal-advocacy-responses-to-covid19