U.S. Delinquency Rate Soars in 2020, Missoula Property Management’s Rate Stays Very Low
The coronavirus pandemic brought economic turmoil that no one could have predicted. According to the U.S. Census Bureau in July 2020, 18 percent of renters across the country were delinquent in their payments, up from about 7-8 percent in years previous. At Missoula Property Management, we had a phenomenally low delinquency rate of 1.8 percent, an amount that stayed consistent throughout the crisis.
A few things contributed to this low delinquency rate. The first is Missoula Property Management’s zero-tolerance policy. We expect our tenants to pay their rent on time and if they don’t, we immediately work to get in touch to find out when the rent is going to be paid.
However, when the major shutdown of the state did occur, our property managers were proactive. We stayed in touch with our tenants and helped them navigate the troubling times by giving them information about federal rental assistance and local programs that could help bridge the gaps. Our customer service agents were sure to complete income/rental information verifications requested by federal and state officials promptly to make sure tenant’s claims for housing, food, and unemployment assistance were processed quickly. As a result, almost every tenant who indicated to MPM that they needed aid ended up receiving some help, leaving our owners in a better position than many landlords across the country in the past year.
Latest Featured News
Is there a demand for rentals in Missoula?
Strong Demand For Rentals In MissoulaThere is a strong demand for rentals in Missoula, especially for single-family homes and duplexes. In May 2020, the Montana Organization of Realtors issued its annual report that described the rental market in Missoula: ”A tight...
The Importance of Applicant Background Screening
The Importance of Applicant Background ScreeningIf you own a rental property, chances are you fall into one of two groups – experienced investor or “unexpected landlord”. Right now, let’s focus on the latter – the “unexpected landlord.” What exactly does that mean? ...
Property Maintenance and Your Rental – A Landlord’s Guide to Maintenance and Repairs
Property Maintenance and your Rental - A Landlord's Guide to Maintenance and RepairsAs a landlord, it is inevitable that some day you will have to deal with a maintenance request from your tenant. If you never do…well, you should go out and buy a lottery ticket...
Client Testimonials
[wprevpro_usetemplate tid=”1″]