COVID-19 Landlords: 7 Positive Developments

“The grass is always greener on the other side.”

Ovid

 “Every cloud has a silver lining.”

John Milton

When I was growing up, I liked to complain.  And now that I’m older, I wish I didn’t complain, but sadly it still happens a lot (mostly in my head as I’m usually bright enough to keep it to myself).  Old habits die hard, or don’t die at all.  Thankfulness is not a natural response for me.

When I was a kid complaining about doing yard work, my older brother asked me what I’d prefer to be doing instead.  “Anything!  Riding my bike, playing basketball, watching TV…”  He looked at me, smiled, and walked away.

Later, after I had finished the yard work, I started to complain that there was nothing to do.  “I’m so bored!” I wailed.  My brother was in earshot and asked me about all the things I would have been doing if it wasn’t for the yard work.  “Oh yeah… I forgot about those.”

I try to keep that story in mind with the current COVID-19 situation.  When I was (sniff, sniff) “sooo busy” and wishing I could be doing “something else” prior to it, “something else” time came abruptly and is largely here for the foreseeable future.  But now I can’t seem to recall most of what else I wanted to do.  Now I just think of the things I’d prefer to be doing if things were back to normal: meet with people, go to public places, take “non-essential” travel, etc.

If I was smart, I’d begin to write a list of all the things I wanted to do after this pandemic is stamped out; then I’d have a list of awesome activities waiting for me.  Ironically (and sadly), when things went back to normal, I could work on my list of things to do when the next pandemic rolled around and I had a lot more isolated, free time. 

In truth, every situation has pros and cons.  So I thought I would focus on the positive developments in property management during this COVID-19 period and give thanks for the following 7 things:

1. The government is giving money out to everyone. Money pays rent.

2. The lease renewal rate is way up.  This keeps cash flowing for landlords and gives tenants stability amidst uncertainty.

3. Tenant repair requests seem to be low, which is a bit surprising to me.  I thought with people being home more often, they’d find the time to point out more things that are broken.  However, local ordinances would only allow us to repair major system issues, so many requests would be denied anyway as a matter of law.  Tenants have told me they are fixing some things on their own which saves landlords money.

4. Mutual understanding seems to be up.  Owners understand some tenants are in tough spots (and vice-versa) and are showing patience.  And tenants seem to understand that it’s tough for owners to pay for repairs (and their mortgage) if they aren’t taking in any rent from them.

5. The Charlotte market has finally slowed a bit.  It’s been 6-7 years of almost non-stop growth and activity.  Though no one will admit ever wanting it, but a breather isn’t always a bad thing.

6. Existing tenants who are moving out of their rental houses are happy not to have prospective tenants visiting as the new local ordinance outlaws showing occupied homes.  Landlords are saved from having to begin unwanted showings and the (sometimes) tough conversations that go along with them.

7. There is (much) more time to spend with family.  The peer and societal pressure to be involved with outside things has almost completely dissipated.  I’m not sure when we will have this type of relative freedom ever again.

In the most negative situations where there are ample items to complain about, there are always positive developments as well.  Be thankful for what you can– there’s more than you think.

Happy Landlording!  And Stay Safe!