While owning multi-family property can provide a great opportunity for income generation, based on economies of scale, there are also some items to consider given the close proximity of the residents – particularly during times of a global health pandemic like COVID-19 and the more recent Delta variant.
Because of that, the Centers for Disease Control and Prevention (CDC) has provided various guiding principles with the intention of reducing the spread of the virus (including the variant) for residents of duplexes, fourplexes, condominiums, and apartment buildings.
For example, landlords and residential rental property owners should educate tenants regarding when to remain at home – such as after being exposed to someone with the Coronavirus – as well as about wearing masks and continuing to adhere to social distancing rules.
Property owners may also support healthy hygiene behaviors by providing supplies such as masks, disinfectant wipes, hand sanitizer, and soap in common areas (like laundry rooms, porches, and/or workout areas).
It is particularly important for elderly residents and those who have certain types of illnesses or disabilities – who in turn could be at a higher risk – to take such precautions, as COVID may pose more of a danger to those who have compromised or weakened immune systems.
Owning and operating multi-family residential property can be time-consuming – particularly if you have multiple locations. If this is the case, bringing an experienced property management team on board may make sense.
In doing so, you could delegate tasks such as finding and screening potential tenants, collecting rent, providing day-to-day maintenance, and responding to emergencies – including those that occur after regular business hours.
If your property investments are in Orlando or the surrounding Central Florida area, give Incentive Properties a call at (407) 279-1876 or send us an email with any questions that you may have by going to https://incentivepm.com/contact-incentive-properties/. We look forward to helping you keep your properties running smoothly, even during tough economic times.