According to the Wall Street Journal, evictions of retail tenants have been picking up across the U.S. as courts reopen and states’ moratoriums on evictions are expiring, impacting businesses both large and small.
While overall rent collections have improved from 54% in April to about 77% in July and August, some tenants, especially those in fitness, apparel, and theaters have continued to struggle to make payments.
It’s the classic back and forth between landlord and commercial tenant: landlords say they have modified tens of thousands of leases as a result of Covid-wrought hardships…but some tenants need/are asking for more. The result? A likely uptick in litigation.