March 25, 2020
Equity Residential (EQR) said Tuesday it supports the plan put forth by the National Multifamily Housing Council to mitigate the impact of the coronavirus pandemic on renters. The Chicago-based apartment REIT said it would halt evictions for the next 90 days for those who can document that they’ve been financially impacted by the pandemic, offer renewals with no increases and create payment plans for residents who are currently unable to pay the rent.
For employees, EQR is offering emergency leave as well as limiting hours on site without reducing compensation.
“We are working hard to rise to the challenge and are confident that working together we will do so,” said Mark J. Parrell, EQR’s president and CEO.
Simultaneously, the REIT said it couldn’t quantify the pandemic’s impact on its own balance sheet at this time. It has begun seeing declines in both foot traffic and applications from prospective renters.
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