Landlords made out pretty well during pandemic, report claims(Credit: Jose Alonso, via Unsplash)
The COVID-19 pandemic wasn’t exactly devastating for landlords, according to a new report by JPMorgan Chase.
Though many landlords lost rental revenues—especially at the onset of the pandemic—they were able to cut expenses by more, yielding higher balances.
Rent payments dropped off by about 20 percent in April and May of 2020, but landlords were able to slash their expenses by 25 percent by deferring mortgage payments and cutting maintenance costs. (“Tenants living in these properties were the ones experiencing the immediate reduction in standards of living due to deferred maintenance, not landlords,” the report says.)