COVID-19 has upset many industries, and so has the real estate industry. These unprecedented and tough times have led landlords of furnished houses for rent to think if the tenants will be able to pay the monthly rent.
The situation has gotten worse for two months. The unemployment rate has gotten up, and businesses have gone shut. The government of Pakistan has been giving some financial assistance to unfortunate parts of our society, but for how long the government can prolong this charity, which is only viable for daily food necessity.
The government has tried to give some relief by lifting lockdown but with strict SOPs and ask the public to abide by them. Now, landlords and tenants are looking for ways to solve their problems or address their concerns.
How Landlords Helped Tenants with Rents?
The time, when the government put lockdown everywhere, most of the landlords didn’t bother their tenants and let people live peacefully in their furnished houses and apartments in Lahore. However, the situation is still not favorable for them, and the future is not looking hopeful for now.
The upper class can manage to pay their expense for living in suitable furnished houses for rent in DHA, but we know, the lower middle community has their struggles, and can’t guarantee the rental amount for a long time.
Is Rental Vacancy Business Going to Suffer?
To be honest, landlords particularly have concerns about the continuity of business, meaning if they would ever be able to fill rental vacancies like before. Many leases would finish this year, and what will become of the property? Will it sell or rent soon despite being a promising furnished house for rent in Lahore. Such questions hover their minds.
We think, obviously, there would be a little difficulty hiring new renters for your furnished apartment if you’re not careful about the SOPs. However, most of the time, the previous tenants may renew their lease.
The Industry Dynamics Have Changed
In the upcoming years, the way real estate business operates will function differently. Landlords will be finding good tenants and tenants will be in search of secure locations now more than ever. We also encourage landlords and tenants to find a way to move forward in a constructive environment. The cost of losing a good tenant and a landlord is too high to risk financial security.
This time shall pass, until then, stay safe, and create a device a framework that boots security and business.