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Essential Things to Do If Your Tenant Can’t Pay Rent – Keyrenter Fort Lauderdale

The COVID-19 pandemic has put over 40 million people out of work in the US–a full quarter of the labor force. While there are no reliable estimates as to how many of these people are renters, we do know that nearly 50 million people in the US rent their homes. 

Many people out of work aren’t eligible for unemployment or, if they are, get much less than what they were getting when they were working. This lack of income has resulted in millions of tenants unable to pay rent.

This has put landlords in a tenuous position, as they often have mortgages to pay and millions of landlords are individual owners who rely on rent to pay their bills. If you’re a landlord with a tenant who can’t pay their rent, here are 5 things you can do. 

1. Work Out a Payment Plan 

One of the most important things you can do is to communicate with your tenant. Talk to them to learn about their situation if they can’t pay their rent. If possible, work out a payment plan with them. 

If you can, allow them to pay partial rent or to pay it over a few weeks rather than paying it in full at the beginning of the month. Whatever arrangement you work out with your renters, make sure it is realistic and put it in writing. Put all of the details, including dates and amounts, in an agreement that both you and your tenant agree to and sign. 

2. Speak With Your Mortgage Lender

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes help for borrowers by waiving late fees on your mortgage payments and suspending foreclosures. If your tenants can’t pay and because of that, you can’t pay your mortgage, contact your lender to see what programs they have available for you. 

3. Contact Your Insurance Company

You don’t want to let your insurance lapse, but you can contact them to see if they have any programs for landlords experiencing non-payment of rent due to COVID layoffs. Some companies are waiving late fees, allowing policyholders to pay over time, and not canceling policies for nonpayment. 

Many of these programs aren’t automatic, so you’ll have to take the initiative to call your insurance company and ask them for assistance. 

4. See What Your State Is Doing About Property Taxes 

Most states have summer and winter property taxes. If your taxes are due and you can’t pay them, check with your city, state, or county to see if they have made any special provisions due to COVID. Some localities are allowing residents to pay their taxes in installment plans, waiving late fees, and allowing them to defer payments for a few months. 

5. Avoid Eviction 

Many states have issued emergency orders that prohibit landlords from evicting tenants, so this may not be an option anyway. Even if it is, consider working with your tenant as much as possible to keep them in the property. Eviction is costly for you as the landlord, there’s no guarantee you’ll get any of that money back if you win, and then you have an empty property until you find a new tenant. 

If Your Tenant Can’t Pay Rent, Try to Work With Them 

As a landlord, you rely on your tenant to pay rent so you can pay your bills. However, the unprecedented furloughs and layoffs of the COVID-19 pandemic are largely outside of their control. If you can work with them to keep them at all possible, it’s in your best interest to try to do that. 

Keyrenter Property Management in Fort Lauderdale can help you manage your renters. Contact us for more information if you have a property that you need managed.

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Filed Under: Landlord Responsibilities Tagged With: Landlord Help, Property Management, rent relief

5 Landlord Responsibilities Every Landlord Should Know – Keyrenter Fort Lauderdale

Keyrenter Property Management Blog Fort Lauderdale Landlord Responsibilities

Did you know that there are over 48.5 million rental units in the US? While there aren’t many accurate statistics on how many landlords there are, suffice it to say that that million rental units means that there are quite a few landlords across the US. 

If you are a new landlord or are considering purchasing a rental property, there are certain requirements that, by law, you must follow. Keyrenter Fort Lauderdale outlines some of the most important responsibilities you should have as a landlord below.

1. “Warranty of Habitability”

In simple terms, this means that the landlord must provide a safe and habitable space for the tenant. Habitable means that the rental unit must be secure and free of hazards.

The necessary utilities must be provided, including water, appropriate heating systems, and electricity. The unit must be pest free and any damages to windows or doors that would render the unit unsafe must be repaired. 

If there are local requirements pertaining to safety, those must be followed as well, such as lead paint disclosures, providing safety measures such as handrails and appropriate outdoor lighting, and removal of snow, ice, or other hazards (unless it is specified otherwise in the lease).

2. Making Repairs Promptly

Landlords may not be obligated to repair certain things immediately, such as ripped carpet or something that doesn’t impact the habitability of the rental unit, but other repairs must be made promptly. Broken HVAC systems, sewage backups, water damage, malfunctioning sinks or toilets, and shorted wires or electrical problems must be addressed. 

Your state or local area may have requirements as to how quickly repairs must be made, so be sure you are adhering to these laws. 

3. Maintaining Insurance 

Landlords do not have to insure the personal belongings of tenants, but they are responsible for insurance policies covering the structure. Tenants need a renters’ insurance policy to cover any of their personal effects inside the unit, but the landlord will hold the insurance to cover things like the roof, walls, and outdoor spaces. 

Any damage to the structure is the responsibility of the landlord and their insurance company, not the tenants.  

4. Provide Contact Information for Emergencies

Whether you provide your tenants with your contact information or that of a property management firm who handles emergencies and maintenance requests is up to you, but you must provide some way for tenants to report any emergencies or make maintenance requests.

If you are an absentee landlord who does not maintain the property, you face the risk of legal repercussions from code enforcement or other agencies. 

5. Return Security Deposits in a Timely Manner

The lease should specify when the security deposit will be returned. This is typically dictated by state law and is often between 30 and 60 days. When the tenant moves out, landlords must do a walk through and note any damage that is present.

If you are going to withhold any part of the security deposit, you must document the damage and the deduction. Most states will not allow you to withhold part of the security deposit for normal wear and tear, so be sure to clarify what you can charge your tenant for upon their departure. 

Landlord 101: What You Should Know Before Becoming a Landlord

These are just a few of the important things you should know before becoming a landlord. It is a big responsibility and can take a considerable amount of time, especially if you want to do it right. One of the most crucial tips is to make sure you are knowledgeable about landlord-tenant law in your state. 

If this all sounds a bit overwhelming, considering hiring a property management company to handle the landlord duties for you. They can handle all aspects of renting, from advertising your property, screening tenants, preparing leases, handling repairs and maintenance, and facilitating move out.

Contact us at Keyrenter Fort Lauderdale today to learn about how we can help you be a successful landlord.

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Filed Under: Landlord Responsibilities, Property Management, Rental Property Owners Tagged With: Landlord Help, Landlord Mistakes, Property Management

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