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Tuesday, June 18, 2024

Apartment Future

Credit: WCBI
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Apartment Future
Apartment Future

Following Executive Order 1466, all evictions are temporarily suspended within the state of Mississippi.

This is good news for families who may be struggling financially during the Coronavirus pandemic.

But, experts say the outlook for the rental industry as a whole isn't good.

Centered following executive order 1466, all evictions are temporarily suspended within the state of mississippi.

This is good news for families who may be struggling financially during the coronavirus pandemic.

But... experts say the outlook for the rental industry as a whole... isn't good.

Our cash matlock joins us live in the studio with more on the story.

Aundrea, the manager cedar cove apartments in starkville says things have been a little different the past few weeks... but it's nothing compared to what's going on in ástudentá housing realm... "i really feel sorry for them.

I really do.

I think they're going to have a major problem."

Cedar cove manager betty brown says she's lucky.

Her apartment complex is made up of about 33% students-- making it a little easier to collect on rent.

"we waved the late fee until yesterday.

Yesterday i put the late fee back on, and that was just to get my tenants to go ahead and come on in and pay."

She says most of her residents have paid their rent on time despite the pandemic.

"we were waiting to make sure they had their unemployment, or they had their stimulus checks."

Other starkville property owners... aren't as lucky.

"i've had a few people that have asked to get out of leases because they think that they needed to change their situation, maybe move home with parents, or try to go somewhere else to find work.

Richard linley has been in the apartment business for a number of years... he says newer, student-based complexes will struggle the most if college classes remain online in the fall.

"it is a benefit of being more of a longstanding property owner, that you can weather this, but for a lot of people, this is a really tough time."

"i think it's going to hurt the student housing tremendously."

Industry insiders say it's hard to gauge how much damage the rental business will take on right now-- only time will tell.

"i hope that it all turns around quick enough that they can still stay in business, and the stimulus money, hopefully, you know some of them will be able to come out of this."

"i hope things return to normal as soon as they can, or something more similar to normal anyway."

Monitor tag those in the rental business warn if colleges decided to move to an online format for classes..

Apartment complexes will see a significant drop in leasing agreements and

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