COVID-19 Rent Relief

During this pandemic and oncoming recession, more and more landlords and tenants are struggling to survive. As a result, most landlords and property managers are finding ways to preserve their cash flow and maintain occupancy to ensure long-term financial stability; while tenants seek to reduce their cost.

Although many tenants have invested personally, sometimes everything they have into a lease, landlords have a responsibility to ensure that what they do is the best interest of their business.

Luckily, our featured attorney, Mike Meaux, has uploaded a Rent Relief Letter which indicates the lack of ability to pay rent and request to delay or abate rent until the threat of the virus is over.

Landlords can employ a variety of strategies to provide tenants with relief. The most common are discussed below:

  • Rent Deferral: In this case, the landlord can defer a portion of the tenant’s rent, but would require them to repay the rent deferred at a later time, either in a lump sum or by increasing subsequent payments. A variation of rent deferral could be to cap or set a base year to operating expenses for a short or extended period of time.
  • Rent Abatement: If a tenant is significantly past due on rent payments, a landlord may agree to forgive a certain amount of the past due rent if the tenant remains current thereafter.

If you need a Rent Relief Letter, please click name or the link below to preview and download.

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