ORLANDO, Fla., April 16, 2020 /PRNewswire/ -- The Association of Independent Rental Operators (AIRO) has launched a campaign to help renters stay in their homes, keep property owners from defaulting on mortgages and keep the economic engine of the rental market alive by engaging the millions of small businesses that support the rental home industry.
"Currently, our members – small and independent owners and operators of rental homes – have not been included in any economic stimulus assistance from the government," said Roger Chapin, Executive Director of AIRO. "Our membership wants to keep families in their homes and continue the economic ecosystem of our market including: mortgage payments to lenders, property taxes to local governments, relying on property management companies, maintaining required insurance levels and a continued reliance on a multitude of small businesses including landscapers, HVAC companies, painters, plumbers and the like."
AIRO members have begun submitting comments to the Small Business Administration (SBA) as well as contacting administration officials and Congress to urge support for the rental home industry to be included in future economic stimulus relief.
"With good intentions, government stepped in to limit evictions during this crisis, leading to reductions in rent payments on one end," continued Chapin. "But on the other end, the small independent rental home owner is still on the hook for all of the expenses associated with keeping people in their homes for the next three, four months or more during these unprecedented times."
There are approximately 8 million individual rental home owners in the U.S., who typically own between one and 10 properties. Individuals own and manage half the rental properties in the nation and house about 48 million renters. Unlike large real estate companies and REITs that own giant portfolios of rental projects, small owner-operators have neither the cash nor the credit availability to cover their costs – such as mortgages, property taxes, property maintenance - when rent is not paid.
The Association of Independent Rental Operators (AIRO) is a coalition of independently owned rental property owners and operators. The AIRO supports efforts to expand affordable housing opportunities through the rental housing market. Our members range from small individual owners of one single family home to medium sized owners and operators of multiple homes in the rental market. Our coalition members provide high-quality, safe, affordable and stable housing opportunities to families seeking safe neighborhoods with quality schools and access to typical suburban amenities; including retail establishments, proximity to health care facilities and access to job markets. The AIRO provides research, education, policy updates and organizational opportunities for shared "best practices" to owners and operators of independently owned rental homes.
SOURCE Association of Independent Rental Operators (AIRO)