As the enormity of the Coronavirus pandemic takes hold of the business community, the economic stranglehold on tenant’s ability to pay the rent due the first of the month is coming to bear.
Today, April 1st, is the first due date for monthly rent since the March 11th apocalyptic change to the business environment. The World Health Organization (WHO) declared on March 11 that the Coronavirus was a pandemic, an Oil Price War began, and President Donald Trump announced travel restrictions from Europe to the United States. This was the beginning of the new era, which will mark when things changed.
Tenants nationwide have announced that they will not be making today’s rent payment. This will cause major pressure on landlords on how to deal with their own obligations to their lenders, to pay real estate taxes, as well as utilities that continue to be provided to the real property (even if they are getting less use), etc. Landlords need to take a good look at the rental environment and figure out their best strategy, especially in light of the fact that no one right now knows how long they are going to have to wait out this crisis.
Eric N. Assouline, Esq.
Business Litigation Partner
ASSOULINE & BERLOWE, P.A.
100 SE 2nd St., Suite 3105
Miami, FL 33131
Intellectual Property, Labor & Employment Law, Real Estate, International Dispute Resolution, Commercial Litigation, Corporate Law, and Bankruptcy
Miami · Ft. Lauderdale · Boca Raton