During a conference call held by the Community Housing Improvement Program with more than 100 landlords across the city, property owners said no more than 10% of their tenants reached out about not having the money or delaying payment for rent due on April 1st, Crain’s reported. This matches the rent data released by Related, which has already collected about 88% from residents, 95% from office tenants, and 26% from retailers.
- Next month’s numbers will be key: There are about 5.4 million renters in the city, and If a large share of them cannot make rent, landlords will be unable to pay their own bills. Rent payments could drop even more drastically in May when tenants who lost jobs in March and April have even less money to pay rent.
- Even the industrial sector will not be spared: Prologis announced that 24 percent of tenants are requesting 69 days of rent relief. Despite the volume of requests, only about a quarter will be granted, according to TRD.
- Important date for landlords: Real estate taxes is the largest annual bill for most property owners and is due on July 1st.
- Heard on the Street: Prologis CIO: Gene Reilly “We have received several opportunistic relief requests from large, financially sound customers.” Related’s Jeff Blau echoed a similar sentiment on CNBC: “This is not an excuse for people to not pay rent… It’s a whole ecosystem. The people that can pay need to pay.”