Property Owner Tells Restaurants to Pay Employees Instead of Rent
Here's a story that will hopefully spark a movement during these uncertain times.
There are a lot of difficult decisions having to be made by local businesses right now—especially those in the service industry. Many restaurants and bars are being forced to close in the wake of the COVID-19 outbreak, and even those who are even allowed to remain open by law are having to completely change the way they do business.
One property rental company in Jonesboro, Arkansas is doing its part to help their local community combat the repercussions of the coronavirus through this very difficult time. The Young Investment Group has numerous properties in downtown Jonesboro "that house several of the area's favorite restaurants."
Instead of making them pay rent, the company had this message to their tenants.
The Young Group isn't the only landlord extending this incredible gesture. Nathan Nichols has a two-unit apartment building in Maine and says he "needs his tenants as much as they need him."
They’re great tenants. I want to keep them. I could see this would cause hardship for them. They work as hourly employees and in the service industries, which are both being hit really hard. I’m fortunate enough to have a full-time job where I can work from home
While I understand that every property owner is probably in a unique situation, those who can afford to allow their tenants to miss a month or two of rent (or at least make up payments in the future) will only be doing themselves a favor for multiple reasons.
From a business standpoint, there's a good chance you won't get rent anyway if the tenants who lease from you aren't even able to open. From a human standpoint, most decent people will absolutely remember how you helped them through one of the most difficult times almost guaranteeing you an amazing tenant for the foreseeable future.
Either way, if you're a local property owner you should definitely consider this if you haven't already.