The Implications of Covid-19 on San Mateo Property Owners

It looks like we are finally dragging ourselves out of the worst phase of the COVID-19 pandemic, which is good news. As more people get vaccinated and fewer people get infected, we can expect a return to something that resembles normalcy.

For the most part, things are still working the way they should in the San Mateo rental market. There are some tenants who are taking advantage of the eviction moratorium and not paying rent. Those who legitimately are unable to pay have been working with their landlords and accessing all the benefits they can.

We’ve experienced a higher vacancy rate than normal in San Mateo, but this is not unusual nor unexpected for higher rent markets. Vacancy levels will return to normal after a few years.

If you’re like most rental property owners, you’ve probably learned a lot over the last year and a half. We’re talking about some of the most stunning implications in today’s blog.

Rental Property Resources are Available

Investing in San Mateo rental real estate is still a great idea. Strategy is more important than ever, and that’s because there’s a bit more risk in this market now than there was a few years ago.

Professional property management is also more important than ever. A lot of temporary laws are still in place – such as the eviction moratorium. If you’re trying to get rental relief, there’s paperwork to complete and documentation to provide. You need to work with your tenants to access some of the benefits that are available. This can be time consuming and confusing. Property managers are an excellent resource.

Private and self-managing landlords aren’t always aware of the resources that are available. We’ve invested a lot of time finding the tools tenants need to keep themselves housed and afloat financially. There are multiple charitable organizations and groups like Novato which provide rent assistance to lower income tenants who have lost their jobs due to COVID.

San Mateo property managers like our team at Bayside are working closely with tenants to access all streams of assistance.

How to Work with Tenants Who Can’t Pay

An end to the eviction ban is in sight, but that doesn’t mean you should rush down to the courthouse and toss out all your tenants. If you have renters who are still struggling, there are three immediate things you can do.

• Be flexible when you can. Accept whatever tenants are willing to pay, even if it’s only a portion of the monthly rent.
• Agree to payment plans and payment arrangements. Find out how much your tenants can pay and when they think they’ll be able to catch up.
• Provide rent credits if you’re worried your tenants will simply disappear. You can drop the rent temporarily until they’re feeling stronger financially or get back to work. Times are tough and vacancy rates are high. You want to keep the tenants who are willing to work with you.

We’re feeling hopeful, but we know the impact of this crisis will affect landlords for quite some time. We’re here to help with all your San Mateo property management needs, so please feel free to contact us at Bayside Management.

Founded in 1982 in Marin County, Bayside Management has expanded to offer full-service San Mateo property management to the entire San Francisco Peninsula. We manage single-family properties, multi-unit complexes, commercial properties, and homeowner associations.