How should I handle rent payments during the COVID-19 pandemic?

Question

My tenants want to adjust their rent payments. What’s the best way to address this and how long should I permit this?

Carmichael Lewis · Answer

Ask for a 3rd or half the rent. Put them on a 3 month deferred payment plan. Add your late fees as well. I understand this is difficult times, but we have to be firm but fair. They would have to show some kind of proof. Call their employer and verify their current status before you commit to anything

Best of luck!

Karen F. · Answer

Take what they will give you, and hope they will pay the rest.  In my state, the governor just issued an emergency decree that tenants could apply their second month of security to rent, and take a 60 day grace period.  Consider yourself lucky that you're not in CT!

Ilah Wiggins · Answer

@Sai T.

Correction: if the rent is $1000 they want to pay a certain amount on the 1st & the rest two weeks later. They didn’t specify the amount. I intend to have a teleconference to iron out the details soon.

Ilah Wiggins · Answer

@Carmichael Lewis

Didn’t consider those steps. Thank you for your insight.

Ilah Wiggins · Answer

@Sai T.

Exactly!

Sai T. · Answer

Must ask proof and ask for how long they want the adjustment?

If the rent is $1,000 do they want to pay $100 or $500

Ilah Wiggins · Answer

@Sai T.

They want to make payments instead of the full monthly payment. I didn’t ask for proof but I’m told they were laid off.

How should I handle rent payments during the COVID-19 pandemic?

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