How Are Property Managers Navigating the COVID-19 Pandemic?

Pre-pandemic, the Arlington County real estate landscape was an undisputed hotspot for investments and property management, anchored by strong salaries, low unemployment rates and the pending arrival of major projects like Amazon’s HQ2.

Now months into the COVID-19 pandemic, the landscape has seemingly changed a bit, with dashes of uncertainty fueled by the ongoing health crisis. But, in reality, many of the region’s core components remain.

On the frontlines, landlords and property managers are powering through and, like so many, know that brighter days are ahead.

But what are their current attitudes and how are they pushing through? A recent survey by Virginia Realtors sheds some light on what folks are experiencing. 

Here are four ways they are navigating the pandemic:

- 90% of landlords and property managers are offering some type of payment plans, which tend to be highly individualized in nature.

- Only 10% of respondents said they are thinking about getting out of the rental business due to COVID-19.

- 42% said they’ve had no rent issues related to coronavirus, meaning that rents are being paid at the same rate as in a typical summer.

- Most landlords or property managers (88%) are not using the Rent and Mortgage Relief program or are unaware of the program.

Amid an unprecedented landscape, it has never been more important for a landlord or property manager to be on their A-game. As regulations change and individual scenarios emerge, it can be incredibly difficult to keep up. 

Whether you are seeking property management representation or you’re a property manager yourself, the team at Arlington Realty Property Management is here to help you weather the COVID storm.