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Both the Hawaii Commercial Rent Survey and The University of Hawaii Economic Research Organization’s survey of residential landlords show landlords left in the lurch.
The commercial survey concentrated on the fourth quarter of 2020, finding $57 million in unpaid rent per month across all industries. This was a slight improvement over the third quarter.
Retail and restaurants remain the hardest hit by Covid closures, responsible for close to half of the unpaid rent.
And we haven’t seen the end of this. According to the survey organizer, Ryan Tanaka, president of Island Business Management, half of the respondents expect to miss at least one rent payment between now and June. Four in 10 businesses expect to miss three to six months of rent payments.