How are September rents coming in

114 Replies

I received an email from a local apartment broker saying in our State rent collection is down about 5%.  For myself this has not been the case I am at 100% which I have been through out the COVID situation.  I still have my fingers crossed and am still waiting for the sky to fall.  Would be interested to see if anyone is starting to see a crack forming in their collections.

@Josephine Wilson I think another saving grace for me, was that all my tenants were considered "essential workers". So no one got laid off during the lock downs.

And the whole "essential workers" label, is seriously making me rethink how I screen tenants in the future.

@Eric Bilderback 100%. Since April we’ve had only one tenant try to take advantage of covid and get free rent. Now he has an eviction on his record and we have a new tenant in there paying higher rent. Still not seeing the “eviction tsunami” being sold in the news. Turnover is much lower this year than previous years as people are less keen on moving currently. Probably our most profitable year ever due to basically zero turnover other than the one eviction.

100% though one tenant moved on the 8th (prorated rent) out so I've got to fill that vacancy. I'm going to put new flooring in that unit. 

I've got one tenant that hasn't paid all of August yet. We have 2 other properties that haven't paid Sept. There's some other mid month payers that we expect to get paid from. So, to summarize, we're having some rent collection issues but are hopeful that we will eventually get it all. None have played the CDC covid card (yet). We posted one property yesterday (the third time in as many months) and one we posted about a week and a half ago but they said they would pay rent today. (of course it hasn't happened yet...) Not really sure how much of the late rents are related to Covid. I suspect the virus really isn't the issue and it's more of "we can get away with not paying rent".

I have one that hasn't paid since July.  They've been evicted and we are cleaning it now (no damage per se, but so dirty it will take a few more days).  We had some showings today and some good options, so should be able to get it rented quickly (knock on wood). 

All of the others have been paying and shouldn't be a problem.

100% and, in the process of purchasing two small MF buildings (total 20 units) i had 3 units to fill. All filled in less than 30 days from listing.... one i rented in 5 days. 

I want to add that I think that it took a bit longer than normal for the first 2 due to my not knowing the bldg and the area since I just purchased them... so I didnt have my marketing/sales patter down.... once I solidified that I rented the next vacancy in 5 days    

I gave one tenant half rent for two months. Another I allowed out of his lease a month early, immediately filled the vacancy. This month long term tenants said they had to leave. I said I'd give them half off for two months if it helped. They both took two part time jobs and we will see where we are in two months. They are making only 80% of previous income and they are working more than 40 hours. We will probably just lower their rent by a third for the rest of the current lease anyway (ending March 31). We are committed to helping where we can, we are extremely fortunate to have little negative economic consequence (although husband is retiring three years early as he was offered 13 months pay to do so). Other 12 tenants seem to be doing OK and still employed even if working from home.

Originally posted by @Theresa Harris :

I have one that hasn't paid since July.  They've been evicted and we are cleaning it now (no damage per se, but so dirty it will take a few more days).  We had some showings today and some good options, so should be able to get it rented quickly (knock on wood). 

All of the others have been paying and shouldn't be a problem.

Can I ask where you live that evictions were allowed? 

We have 2 tenants not paid in Aug. We purchased the property in Aug they are not willing to work trying to just use the situation I believe as previous owner was a very nice guy. We checked and one of them has 2 prior evictions coming up on their record. Filed for eviction hoping for the best.

Originally posted by @Nancy P. :
Originally posted by @Theresa Harris:

I have one that hasn't paid since July.  They've been evicted and we are cleaning it now (no damage per se, but so dirty it will take a few more days).  We had some showings today and some good options, so should be able to get it rented quickly (knock on wood). 

All of the others have been paying and shouldn't be a problem.

Can I ask where you live that evictions were allowed? 

 I'm in Canada.  Where the house is, evictions were allowed as of Sept 1 for failure to pay rent for Sept.  They (the provincial govt) had a plan for payment of back rent starting in Oct.

Originally posted by @Nancy P. :
Originally posted by @Theresa Harris:

I have one that hasn't paid since July.  They've been evicted and we are cleaning it now (no damage per se, but so dirty it will take a few more days).  We had some showings today and some good options, so should be able to get it rented quickly (knock on wood). 

All of the others have been paying and shouldn't be a problem.

Can I ask where you live that evictions were allowed?

I believe she lives in Canada but dont know where her props are

 

Originally posted by @Jay Hinrichs :
Originally posted by @Nancy P.:
Originally posted by @Theresa Harris:

I have one that hasn't paid since July.  They've been evicted and we are cleaning it now (no damage per se, but so dirty it will take a few more days).  We had some showings today and some good options, so should be able to get it rented quickly (knock on wood). 

All of the others have been paying and shouldn't be a problem.

Can I ask where you live that evictions were allowed?

I believe she lives in Canada but dont know where her props are

 

I do and they are in BC and AB.