By Michelle Lind, CEO of Arizona REALTORS | Via AZBigMedia
Arizona businesses continue to be affected by the economic impact of COVID-19. Particularly hard-hit are those individuals whose business is the ownership and management of rental homes throughout the state.
As tenants struggle to make ends meet, landlords were mandated by an executive order to adjust their rent collections schedules, allowing tenants upwards of eight months abeyance on payments. While this order provided needed relief to the tenants, it created additional hardship for the landlords, whose own financial stability often relies on the income generated from these rental properties. And although no rent was collected, the landlords were still expected to meet their financial obligations.