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So there isn't any real discussion on what relief landlords are thinking of giving tenants during this tough time where tenants are possibly told to stay home, often times without pay, or reduced working hours.
Although tenants are urged to always have some sort of savings for situations such as these, in reality most tenants do not have enough savings.
As landlords, our expenses definitely do not decrease, or stop, because of this pandemic. But if the tenant cannot pay, what good middle of the road solution can we provide, if any during this time?
Landlords: Any thoughts from you are thinking of providing should a tenant not be able to make next month's rent?
Tenants: Any thoughts on what viable option(s) you would like your landlord to do to help during these tough times (offering free rent is not a viable option - as mentioned, the landlord's expenses does not decrease, or go away because of this situation).
Usually, if a tenant cannot pay the rent, evictions are initiated. But these are not ordinary times and everyone is in need of some reasonable relief during these hard times.
Providing? We have excellent tenants so perhaps waived late fees and an agreed payment plan should this get worse. And it might. I'm not raising rent either, but that's it.
Until my mortgage company tells me that I do not have to pay them due to the crisis, my tenant will need to contnue to pay rent. Same goes for the utilities that are included with the rent.
Agree that if my expenses were lightened I would pass on to tenants. My properties are in Texas and the taxes are outrageous. Huge increases. Every. Single. Year. Same goes for insurance. My rent increase %’s have actually been significantly lower than my increased expense %’s for the past 6 years.
I actually posted a warning about this over a month ago on a LL website, that LLs should build up cash reserves, because our tenants who were low level hourly worker weren't gonna be earning anything. I got pooh poohed about it.
Meanwhile, here we are. Many states are suspending evictions and utility shut offs, so LLs are going to have to deal with no rent for as long as it takes for the crisis to pass.
I decided, a couple of months ago (and before we knew that the courts would close), that for our good tenants in our Class C rental properties, we would have to have them pay us back by paying 110% of rent thereafter for as long as it took to pay us back, even if it was going to take two to three years for them to get current. Maybe some would be able to get current by next March, if they get the earned income tax credit.
Nothing. As with any issue from a tenant, it's their responsibility to come to us as soon as they recognize they will have an issue concerning rent. On a case by case basis, we may grant a temporary exclusion or exemption. Beyond that, rent is due as normal. Fortunately, out rental class and the standards to rent from us are such that it's highly unlikely any of our tenants will be facing financial hardships.
OP, your location says SoCal. If you happen to be in Los Angeles, Mayor Garcetti today put a moratorium on evictions for renters.
Not sure how that works exactly, and if you have to pay back the missed rent sometime later? Or do you just skip paying rent one or two months. and you don't owe it later... I mean it would be hard to pay two months of rent later on?? Just wondering how it would work.
I have to have to call my banker. I'll see what kind of mortgage relief he is going to offer me. Then I'll pass that along to my tenants. My guess is myself and my tenants should be prepared to pay in full next month.
I am offering nothing my renters are college professors, and they are on spring break, both houses are rented by older tenants who have solld homes and have savings. If that was not the case i would work with my tenants because they have been with me for over 5 years.
I'm not their mother that I have to take care of them no matter what and it isn't my fault if they spend every penny as soon as they get it and haven't put anything away for a rainy day.
They can borrow from their credit card, their relatives, their bank, the pawn shop, before I allow them to borrow large amounts of money from me. They aren't my friends and they aren't my family that I should support them.
My bills don't stop because they never saved anything for emergencies. About 25% of every rent check goes towards property taxes and I bet the county won't stop charging property taxes. The water bill won't stop, the sewer bill won't stop, the garbage collection bill won't stop.
The grocery store isn't going to give them all of their food for free. The gas station isn't going to give them their gasoline for free. Their mother might let them live and eat for free, so they can move back home.
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