Growing Number of Landlords Are Offering Restaurants Percentage-Only Rent
That might still not be enough to save many smaller operators.
October 26, 2020 | John Egan | National Real Estate Investor
A recent survey by the NYC Hospitality Alliance helps illustrate the dire straits of America’s restaurants.
The survey found that 87 percent of New York City’s restaurants, bars and nightlife venues couldn’t pay their full rent in August. The culprit, of course, is pandemic restrictions imposed on these businesses.
Further complicating the situation, 60 percent of the businesses surveyed said their landlords hadn’t waived any of their rent in response to the coronavirus pandemic. But in New York City and across the country, a number of landlords are offering concessions for restaurants and other hospitality businesses in the form of percentage-only rent.
