Nearly 40% of O‘ahu Property Managers Report Having Tenants Unable to Pay Rent in June
HONOLULU – Almost 40% of REALTORS® reported having tenants unable to pay their rent in June, according to a survey from the Honolulu Board of REALTORS®. Similarly, 44% of respondents said they have tenants who asked for a payment plan, and 46% had tenants who asked for a discount or rent reduction.
“While the state’s protections for renters and assistance for homeowners has worked well, we know many people will continue to face financial hardship as a result of the pandemic,” said Suzanne Young, CEO, Honolulu Board of REALTORS®. “The situation is especially difficult for renters, and we must start finding solutions to ensure people don’t need to worry about having a place to call home.”
The Honolulu Board of REALTORS’® latest rentals and property management flash survey – conducted June 17-22, 2020 – asked members about how the COVID-19 pandemic has impacted the rental market on O‘ahu. Highlights include:
- Only 14% of REALTOR® respondents cited having rental property owners who asked lenders for forbearance or deferral.
- 16% of respondents said their tenants expressed difficulty in seeking out rental assistance programs.
- 45% of respondents anticipate July will be about the same in terms of tenants’ ability to pay rent.
“Communication between tenants and landlords is critical,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “Having candid conversations, being compassionate and exploring all options will help us all get through this challenging time together.”
Resources for rental assistance for tenants, landlords and homeowners are available online at HiCentral.com.
Click here to view a PDF of the survey.