What is rental assistance: Throughout the nation there are agencies that assist qualified applicants with rental assistance, when they fall short on their rent payments or suffered a hardship ie: Covid-19, death of family. These programs help reduce homelessness, crowding, poverty and improve the outcome for children by reducing housing instability, improving Adult well-being,as well as keep landlords from having to lose rental income.
Why is it important to implement a Rental Assistance List?
Since most tenants are not aware of rental assistance agencies within their state/county that can assist them when they are going through hardship, by not having this information many tenant’s suffer the woes of not being able to catch up and end up being evicted. When this happens not only the tenant will suffer but so will the landlord. Therefore with rental assistance you can also save tenants from losing their home and owners from losing income.
How can a Landlord benefit from a rental assistance agency?
Since most landlords/Tenants are not aware of these agencies, many landlord tenant relationships end with filing eviction to remove them from the property, all of which will be at the expense of the landlord.Since not all hardships are permanent, some may suffer a loss in the family or wages due to illness and these minor setbacks are the core reasons why most get evicted, situation like this is where the rental assistance programs step in. Most agencies can pay the balance in full or pay up to a certain amount, but enough for the tenant to catch up and remain in the home, which saves the landlord thousands of dollars.
Cons of rental assistance
The downsides to rental assistance is funding, accessibility, duration and qualifications. Many agencies have policies and procedures in place to make sure the applicant is actually going through hardships and they must be approved, some may not offer at the moment due to funding. Some agencies offer monthly assistance while others have limits on how often qualifies that ranges from quarterly to yearly. Getting in contact with some of the agencies can be tough when you are up against thousands of people that are also seeking assistance, but once a tenant connects with an agent to get assistance most tenant’s qualify unless they do not reside in the covered area the assistance agency helps.
Benefits of rental Assistance during Covid-19
With the many Eviction moratoriums in place many landlords are suffering because tenant’s are not paying their rent but can not be evicted until after the Moratorium ends which can leave owners losing out on thousands of dollars. Rental Assistance has never been more important now than it has ever been, most agencies will pay the tenant’s rent in full or partial, this will lessen the financial blow to many owners until the moratorium ends of which is up in the air. Some landlords were able to save the loss of 50k and more by informing tenants of agencies that will assist and pushing them to reach out and seek assistance.
As you can see the importance of rental assistance is not only to save the tenant from homeless but saves the landlord as well by keeping your tenants, bringing in income instead of losing it.When a tenant see the landlord cares and provide information they themselves were not aware of brings a since to hope that pushes the tenant to pursue for assistance on their behalf as well as the landlords.