Renting During COVID-19

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Renting During COVID-19

Karl Danticat
Real Estate Agent · Member since 2020 · 5 posts · 0 votes

How many of you landlords decreasing your rent? My tenants' lease is up and they're asking for a decrease of $400 for the next lease. That's right, they're renewing. Should I stop worrying and be glad that they want to stay? I think they're just looking to negotiate and considering the times they probably think I'll fold...I mean accept. What are your thoughts?

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Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
6y

@Karl Danticat 400 drop per month sounds like a lot. Have you taken a look to see what is happening with rent in the area? I have been raising rents at turnover and leaving existing tenants at their current rents. No reductions and everyone is paying.

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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    6y

    @Karl Danticat 400 drop per month sounds like a lot. Have you taken a look to see what is happening with rent in the area? I have been raising rents at turnover and leaving existing tenants at their current rents. No reductions and everyone is paying.

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  • Kim Meredith HamptonBusiness Member
    Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
    6y

    @Karl Danticat I would run a rental Comp report and see where the rents are at in your market, most people right now are just trying to take advantage of the current pandemic. ALso look to see what’s available right now, thru may get a big shock to see the rental prices, we have not reduced rents at all here in Florida.

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  • Cameron TopePro Member
    Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    I agree with @Kim Meredith Hampton & @Bjorn Ahlblad. It sounds like you need to run your numbers and find out what market rent is for the property. 

    We have only two tenants out of 120 that we have on a payment plan, but they are paying as agreed. 

    [email protected]832-770-7090
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  • Karl Danticat
    OP
    Real Estate Agent · Member since 2020 · 5 posts · 0 votes
    6y

    @Bjorn Ahlblad, I work with an agent who said it is actually what's happening in my area. My neighborhood is flush with out-of-towners who have moved back home. He said that that's what seems to be taking place. I won't reduce by $400 but I think the tenant is thinking he's in a position to negotiate, since the rental market seems fickle.

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  • Curtis Mears
    Property Manager · Raleigh, NC · Member since 2014 · 728 posts · 596 votes
    6y

    I am not decreasing rents, but also not increasing. I had 1 client move out (not because of rent, just moving) and had a new tenant in by 1 week. But our market is strong and rarely have vacancies longer than 1 or 2 weeks. Sounds like the tenant is trying to use the situation to their advantage. Did they lose a job and not getting unemployment? If their income has not changed, why would the rent change? If their income has dropped sharply, then may want to  consider a new tenant. 

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