logo-updated-012918
Property Tax Inquiries Call 713.290.9700

Covid-19 – How is Covid-19 Affecting Apartment Collections

Apartment rent collections in Houston, Texas for April, 2020 are tracking just below expectations, at about 90 to 95% of the rental collections expected Pre-Covid. This was received favorably as some owners were forecasting delinquency rates of 50%. Owners were concerned the delinquencies would be much higher due to government limits on evictions. Most owners expected delinquencies in excess of 10%.

Apartment owners are broadly concerned about collections for May 2020. Will delinquencies rise or fall? Will owners use the checks from the government to pay for rent? Will tenants use the government checks for an unrelated purpose if they can live in place for two to three months without concern of eviction.

Perhaps I’m naïve, but I believe most people will do what is right. Tenants not paying rent appear to be in dire straits. They have lost jobs or incurred other hard times. It does not seem the rent defaults are strategic designed to game the system. There will be a few of these; however, most citizens are ready to get back to work.

Today’s jobless report was 6.6 unemployment claims, bringing the total unemployment claims to 16 million. Sixteen million unemployment claims in 3 weeks is unprecedented. It has never occurred before. Unemployment claims are likely to total 30 to 50 million before stabilizing.

Massive unemployment is the real risk to apartment owners. If apartment occupancy falls and apartment owners default on mortgages, it will be because the country lost 30 to 50 million jobs.

Your property taxes will be aggressively appealed every year by the #1 property tax firm in the country. If your taxes are not reduced you PAY NOTHING, and a portion of the tax savings is the only fee you pay when your taxes are reduced! Many FREE benefits come with enrollment.

 

Blog Author

Patrick O’Connor, MAI, Owner and President
Patrick O’Connor has been active in reducing property taxes, providing expert witness testimony and appraising commercial real estate property since 1983. Pat is active in publishing analyses and data with respect to the real estate market, while being a highly regarded media spokesperson for the real estate community. He holds a MAI, the highest achievable designation from the Appraisal Institute, and is a licensed senior property tax consultant. Pat earned a Master of Business Administration from Harvard University. In 2001, he authored the first definitive consumer guide to Texas property taxes, Cut Your Texas Property Taxes.

Property Tax Protection Program™

No cost to enroll

Recents

The Residential Property Protection Program™
is powered by O’Connor
  • Enter your information below and your documents and enrollment information will be emailed to you within one business day

  • Hidden
  • Hidden
  • Hidden
  • Call 713.290.9700 to discuss with a representative.

    Please monitor your E-mail and spam filter. If you don't receive your enrollment documents within 24 business hours, call 713.290.9700 8am - 5pm CST

  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • Hidden
  • This field is for validation purposes and should be left unchanged.

When you submit your enrollment, you understand this is a risk free offer to you. If your taxes are not reduced you PAY NOTHING, and a portion of the tax savings is the only fee you pay when your taxes are reduced.

Property Tax Protection Program™

You pay nothing unless we reduce your property taxes, and then only a portion of the savings. There is no flat fee, no sign up fee and no setup fee. We protest your property taxes aggressively every year, and you only pay if and when we reduce your property taxes.

O’Connor is the largest property tax consulting firm in the U.S. Our licensed tax consultants and administrative support team benefits home and property owners by reducing property tax assessments, filing personal property renditions, reviewing tax statements, protesting over-assessed property values, and attending informal tax hearings and appraisal review board meetings.

 

We work tirelessly to protest and lower your taxes with:

  • Informal hearings
  • Appraisal Review Board (ARB) hearings
  • Coordinating judicial appeals