Charleston Property Management companies are currently dealing with a problem they’ve never had before—most of their tenants might be struggling to pay rent for April, May, and maybe even June. Most property managers and landlords than ever before are going to be faced with tenants calling and emailing about rent arrangements. However, owners still have mortgages and property taxes to be paid, and letting all of their tenants slide on the rent, may not be in their best interest. Luckily, the federal government has come up with the CARES Act to provide relief to those impacted by COVID-19. Charleston property management companies should be aware of this act and help tenants understand the resources they have available to assist in paying rent.
CARES Act
The CARES Act, Coronavirus Aid, Relief and Economic Security Act, was recently passed and gives everyone who files for unemployment due to COVID-19 will receive an additional $600 per week in benefits beyond what they would usually receive. Even freelancers and independent contractors who would typically not qualify for unemployment benefits will be able to file for the first time.
Stimulus checks are also being sent to millions of Americans, starting at $1,200 per adult and $500 per child. These payments will vary depending on income level; however, Americans affected by the Coronavirus are going to be given generous aid by the government, beyond what they would get under normal circumstances of being laid off. Some people will be earning more on unemployment and collecting the stimulus and CARES Act benefits than they would by working under normal conditions.
Also, there may be many different local programs available for people to help delay utility payments and other bills. If a Charleston Property Management company encounters many of their single-family home renters having trouble paying the rent, they should remind the renter of the resources and stimulus available and do their best to make mutually beneficial arrangements.
If you’re looking for a Charleston Property Management Company to help guide you through renting your property during the pandemic, call Scott Properties at 843-790-4929.