The federal rental assistance program has also helped. According to Baton Rouge Business Report, more than 7,000 renters financially impacted by the pandemic have already applied for rent relief through the city-parish program.
Laura White, executive vice president of multifamily division at Latter and Blum, noted that it’s not so much a problem in large, multifamily complexes “because if 5% of your tenants are unable to pay, in the scheme of the entire property complex, you’re still OK,” she said.
But it may be a problem if you’re a small investor with four or six units. “If two or three of your tenants can’t pay the rent, then you’re in trouble,” White added.
“We haven’t seen any major problems,” said Red River Bank president and CEO Blake Chatelain. “But there is a lot of frustration and concern.”