Landlord Question and Answer Forum

I'm considering starting conversations with my tenants about how to continue paying rent and me being able to pay the mortgages with likely losses in tenant income coming due to Covid-19. Are other landlords doing this yet? What is a good strategy to keep income flowing and possibly discounting rent while not letting tenants take advantage of possible discounts? How could a landlord incentivize tenants to save money now anticipating ongoing ripple effects and economic losses for months to come?

I would also be interested to hear ideas for tenant conversations to have around possible rent delays and how to manage mortgage obligations as a result. I haven't heard any proposed relief solutions for landlords who have a rentals. My first plan would be to contact the tenants to get a feel for their situation so than I'm not surprised with non-payment situations. I would also make sure they were correctly informed about what any state mandates are for renters regarding late payment fees and eviction. For example, any rent decrease or delay they may enjoy temporarily, does not mean they are absolved from those payments. Also I will provide links to apply for unemployment and links to their local utility energy bill fund application as it applies to the tenant to make sure they are on top of how to receive money that can help stay current on rent payments. Our Gov. mentioned that landlords may be able to receive SBA assistance during this time. Looking at the application, it seems that their loan approval parameters may need to change as this is not an economical disaster attached to a physical disaster.

Posted by Adrienne C, WA on Monday, March 23, 2020