MRI Software program says there’s an on-going rise in using card funds from residents of market-rate condominium models.
With the rise in card funds, MRI Software program credit the rise to considered one of two components — “bank card charge waivers from landlords or residents’ struggles with cash movement,” in response to a information launch.
Brian Zrimsek, business principal at MRI Software program, says he sees trigger for concern on the rise in bank card funds amongst market-rate unit residents.
“Residents may be amassing credit card debt in order to pay rent,” he stated in a press release. “This is especially worrisome given the coming expiration of enhanced employment benefits, along with the rise in COVID-19 cases in major multifamily markets across the country, which could lead to renewed shutdowns and more unemployment.”
Zrimsek additionally commented that insurance policies from the federal government “that protect individuals as well as businesses will help determine whether we encounter a perfect storm or a situation where landlords and tenants can keep themselves afloat throughout the pandemic.”
The Ohio-headquartered MRI Software program additionally says they discovered a rise in lease pricing at market-rate properties and “vital variation in work orders throughout asset courses,” in response to a press launch.
With work orders,market-rate properties skilled a “rebound of service requests,” in response to the discharge. It says the purpose may present that standard upkeep operations are returning.