Right now there is a lot going on in the world and many industries are struggling. With so many people out of work and many restaurants and other things of the sort doing their best to stay afloat, this landlord is making big moves.
In recent times a landlord in Arkansas is making headlines and setting a bar for others to follow suit or so we hope. This landlord happens to own quite a few properties under a company named ‘Young Investment Company LLC.’ This company announced just weeks ago that they do not expect their renters to pay for the month of April. This giving them the chance to continue paying those who work for them and helping in a big way.
On their Facebook Page Young Investment Company wrote as follows:
“In an effort to do our part, Young Investment Company will not expect its Restaurant tenants to pay April rent. We ask that you use this money instead to pay your employees and take care of your family. Stay strong. We will get through this together!”
According to ABC 7 the man behind this company’s name is Clay Young and this act of kindness is something that will not be forgotten by those it has impacted. Young told Arkansas Business that he had ‘incredible tenants’ and that he would rather help them than risk their businesses closing and have to find new people to take over the locations. This for him was not only ‘the right thing to do’ but also good business in the long term.
Arkansas Business wrote as follows regarding Young’s kindness:
He added that he didn’t expect to get any publicity for this decision, but that he posted the announcement on Young Investment’s Facebook page to encourage other landlords to think about following his lead.
For now, Young Investment’s no-rent rule applies only to restaurant tenants, but it could be expanded if other tenants are struggling due to the COVID-19 outbreak.
“I think it’s a case-by-case basis,” Young said. “The restaurants are all closed, or closing down, or they’re going to take-out [only].”
Restaurants that go to take-out only are taking a 50% hit to their bottom line, he said.
Other tenants have stepped up. Those who are doing well have asked Young if he needs their April rent check early.
I for one hope that landlords who can do this do follow in Young’s footsteps. With all that is going on right now paying rent is not going to be easy for many. Even just missing a little work or not getting as much business can cause huge changes in the money coming in.