Don’t stop hiring during the pandemic. Yes, I know the economy looks shaky, and yes, I know that the first instinct of everyone who owns or operates a business is to clamp down on spending, but the pandemic isn’t going to last forever and most of the rental housing industry is doing okay. Perhaps if your portfolio contains a bunch of C and D class rental buildings you may be facing increased vacancies or skips or late-payment or non-payment of rents.
If, however, your portfolio is mostly A and B class rental buildings, then those are things you don’t need to be worried about too much. Take an objective look at your business if you don’t agree and I think you’ll find that your numbers are still strong. For you, now is the time to replace staff losses/attrition, since there are a lot of smart, hard-working industry people out there to choose from who need work and will be grateful for the opportunity, plus you won’t be layering more work onto your existing staff, who if they feel overworked might jump ship as soon as the economy is back to normal. Now is the time to also hire new staff, if your numbers are strong, to position your business for the future.