The Vice President of Operations for the Kelson Group says like tenants across the province, landlords too are worried about what the economic impacts of COVID-19 will be.

Jason Fawcett says the money collected in rent is not all profit adding even large rental companies have bills to pay.

“Expenses to pay our staff and we’ve had to ramp up our staffing to manage the buildings and keep the cleaning going,” he said on NL Newsday. “Property taxes, utilities, the repairs and maintenance, and then there’s mortgage payments, which for most landlords and us too, make up a significant part of the rent.”

Fawcett says he’s asking residents who can pay their rent to do so, and says they’re working with people who aren’t able to because of COVID-19.

“Cash flow for all business is really key right now as that’s why it’s important that as many of our residents pay their rent that can so that we can all continue to pay our bills and invoices and suppliers and just all the people that rely on us in this economy,” Fawcett added.

Mortgage payments, he noted, are the most concerning during this time of the COVID-19 pandemic.

“And there are some opportunities to look at deferral but it’s a little unclear on how exactly its going to work and who qualifies,” he said. “We’re hoping not to go down that road but if this happens for a few more months, maybe we’d have to look at that and see what options are available to us.”

Fawcett says they haven’t seen anything quite like the economic impacts caused by COVID-19.