April 17, 2020 (TORONTO) –
We are still collecting data, and the numbers below are preliminary, but we have heard from Ontario’s rental housing providers that:
Only 76% of residents made their full rent payment at the beginning of April
About 7% have not paid their full rent, but have made some payment
About 15% of residents have not made any payment for April, to date
They are projecting a shortfall in rent of 16% for the month of April by the time the month finishes
The biggest burden is falling on smaller rental providers (those with 1-9 units), who are projecting a 21% shortfall in rent for the month of April
Rental housing providers have already started hearing from residents who will be unable to pay rent for the month of May. Our members expect residents to have increasing difficulty covering their rent as the COVID-19 crisis continues over the next few months.
However, our members are doing their best to work with residents on alternate payment arrangements. Some are offering standard terms such as spreading the April rent payment over a number of weeks or months, while others are working with residents on a case-by-case basis to find an arrangement that’s fair and consistent with their ability to pay.
Our message to residents is that if you cannot pay your rent, reach out to your property manager by phone or email to explain the situation and we will work with you to find a solution. But if you can pay, please pay your rent so we can help those who cannot.
We are also continuing to speak with governments to share what we’ve learned so far, and advance solutions such as direct rent subsidies aimed at helping residents cover rent through these challenging times.
About the data
FRPO surveyed members to understand the realities on the ground during the COVID-19 crisis. So far, we have received responses from 114 rental housing providers covering 217,848 rental units in the Province of Ontario. Respondents were well balanced between small, medium and large rental housing providers.
FRPO will continue to update these figures as final rent payment numbers come in from those residents who will be paying their April rent spread out over the month.
The Federation of Rental Housing Providers of Ontario (FRPO) is the province’s leading advocate for quality rental housing. FRPO represents over 2,200 rental housing providers who supply and manage homes for over 350,000 resident households across Ontario.
Tony Irwin, President and CEO Phone: 416-385-1100 x20 Email: email@example.com