Rent collections haven’t fallen as much as many feared, an early sign local landlords could pull through the crisis with some bruises, but not devastating injuries.
Crain's Chicago Business (May 20, 2020) -- It’s more than halfway through May, and many Chicago apartment landlords are feeling the same emotion: relief.
With sky-high unemployment, apartment owners feared tenants sidelined by the pandemic wouldn’t be able to scrape together enough money for their May rent payment. But rent collections haven’t fallen as much as they anticipated, an early sign that local apartment landlords could pull through the crisis with some bruises, perhaps, but not devastating injuries. Other sectors, like retail and hotels, are in bigger trouble.
“Overall, May is okay,” said Jeff Michael, chief operating office of Horizon Realty Group, which owns about 2,500 units, mainly on the North Side. “We thought May was going to be substantially worse than April, but it has turned out to be similar.”
Read more at: Crain's Chicago Business