May rent score board - did you do better or worse than Apr?

Question

Well it appears that most of us did OK for Apr rent based on the replies from many on this board, but now with May coming around now, let's see how we do as a group. So far I have 2 out of 8 who paid and those 2 usually paid last day of the month so normal so far. 2 out of my 8 tenants did not pay on-time for Apr due to job loss but was able to make it up by end of Apr due to unemployment checks and stimulus payment so by end of Apr I was at 100% (I waived all late fees like most LL's did).

One 1 hand as more people filed for unemployment I expect worse non-payment #'s for May, but on the other hand elevated unemployment checks should be kicking in now for most folks so curious to see what happens for May.

John Underwood · Answer

Its still April.

Rent is just starting to come in for May. I don't expect any issues.

Nathan Gesner · Answer

Well, you posted this prior to May 1st. The only people you'll get answers from are Landlords with a small handful of rentals. That's anecdotal. We need to wait until 3-5 days into the month and get data from larger property management companies or investors to see real numbers.

Jill F. · Answer

For May (42 tenants) we've collect approximately 22% of GPR. We don't expect to finish collecting based on our payment schedules until the middle of May. We always waive late fees for payment plans if the plan is made in advance and paid as agreed. In April, we collected 100% by 4/17.

Calvin Lin · Answer

Oh boy, the Rent Cancellation movement is growing ever bigger now, coast to coast:

https://www.nytimes.com/2020/0...

"Groups from California to New York have amassed a sizable following of
renters who say they will skip May rent. They have also received a boost
from progressive members of Congress, who introduced a cancel rent bill.
"

Patrick M. · Answer

My running tally as of 4:30 on 4/30 - (Teleworkers= TW) (Inherited Rent control = IRC)

1- yes. Young couple. TW

2- yes. Millennial roommates. TW

3- not yet. Millennial TW

4 - not yet TW

5 - not yet. family of 4. IRC

6 - yes. Retiree

7 - yes. Millennial TW

8 - yes. inherited IRC

9 - renovating

We received 100% for April and my tenants know where to find me if a problem arises. I have been down throughout the week and a smile and hand wave was returned by all tenants that I saw. I must say that I am so overwhelmingly happy with my IRC when I got the check today. We battled a bit when I first took over, nothing major, In this environment where everyone is telling tenants not to pay rent, not a word... just the check.

Scott Passman · Answer

Well I only have 1 rental property and they paid last month. They've spent the past couple weeks trying to convince me to let them pay to put a fence in the backyard so they can purchase and install an above ground pool, so I'm feeling pretty good that they have the money to pay rent this month!

Hope this month turns out similar to last month for most where the threat of no rent is more bark than bite.

May rent score board - did you do better or worse than Apr?

May rent score board - did you do better or worse than Apr?

Most Popular Reply

6 Replies