COVID-19 Rent Reductions

[Cian R.]

Are any Hudson Valley / Upstate New York landlords receiving rent reduction requests from their tenants as a result of COVID-19? If so, how are you handling it? Some tenants are not asking for rent payment extensions, but renegotiated leases with lower rents. 

[Wesley W.]

I am not.  And I would be loathe to accept any.  Go ahead and call your tax assessor and try that same ploy.  The expenses to provide their housing are what they are.  All my operational costs as a landlord continue to increase, even amid the pandemic.  The Federal government has given people a very generous stimulus package, including a buffed up unemployment payment.  What is there to discuss?  

If their situation has changed and they are good tenants, you can offer a payment plan, but I would not hang your hat on getting that money back.  I would not, however, devalue the service you provide just because they asked.