Since the coronavirus pandemic walloped the U.S. economy, residential rent collections have been better than expected. According to the National Multifamily Housing Council, 84 percent of renters paid full or partial rent for April by the second week of the month. But there is growing concern that that figure could drop significantly in May as the unemployment situation worsens.
What should i do?
Is important that you maintain a constant dialogue with the landlord and communicate with him if you have difficulty paying the rent. The most recommendable thing in these cases is to offer the homeowner a payment plan where you can prorate at least half the rent in the next six months or until the end of the contract.
It is also important that you keep them informed of federal and local resources for which they may be eligible.
It is worth noting that all these agreements are in writing to avoid confusion or misunderstandings in the future.
What will be considered by the landlord to offer you a payment plan:
One size does not fit all. You may be someone who paid in April but you may need help in May. Every state is different, and every situation is different, however the Landlord will consider:
How long has tenant lived in the property?
What is tenant’s track record in consistency of paying rent?