COVID-19 caused widespread layoffs, leaving many renters without a steady income. But the recovery from that tough period is still being felt two years on. In fact, 3 million fewer people were employed at the start of 2022 than before the pandemic hit.
As a property manager, you may be wondering what you can do to help your renters during this difficult time to ensure you're still able to pay your own bills.
In this blog, we'll take a look at some of the products, services, and habits you can use to help renters who've fallen out of employment.
What can property owners do to help unemployed renters?
-
Offer financial amenities
-
Keep open communication
-
Point out local organizations and resources
Offer financial amenities
Financial amenities can help you convert quality renters, enhances your relationship with them, and can also serve a protection for yourself.
One example is TheGuarantors’ Lease Guarantee product, which allows you to approve renters who may not otherwise be approved through traditional application requirements. While increasing access for renters, this product also protects property owners and managers against the potential risk of renter default. If your renter loses their job and can't provide proof of stable income, despite having enough to pay the monthly rent costs, a Lease Guarantee enables them to get approved while covering you against any potential risks of doing so.
Keep in regular contact
Whether your renter has a regular income or not, it's always worth staying close and keeping up to date with regular check-ins. This provides you with an insight into how the property is being maintained and keeps you abreast of any tough personal periods which may be on the horizon.
Point out local organizations and resources
Take the chance to introduce them to a list of financial services to support them through this turbulent period. There are a number of local and nationwide organizations that can help in these scenarios.
Final thoughts
Luckily, through 2022 the national unemployment rate has decreased and stabilized. But it still pays to know what to do when your potential renters and residents face financial difficulty. There are things you can do to help ease the burden both financially while protecting yourself in the process.
