discount rent (by myob [GA]) May 21, 2022 9:21 AM
discount rent (by Robert,OntarioCanada [ON]) May 21, 2022 9:40 AM
discount rent (by myob [GA]) May 21, 2022 9:59 AM
discount rent (by Robert J [CA]) May 21, 2022 11:46 AM
discount rent (by Moshe [CA]) May 21, 2022 12:03 PM
discount rent (by Busy [WI]) May 21, 2022 12:04 PM
discount rent (by myob [GA]) May 21, 2022 9:04 PM
discount rent (by Ken [NY]) May 22, 2022 11:19 AM
discount rent (by Oregon Woodsmoke [ID]) May 22, 2022 11:21 AM
discount rent (by myob [GA]) May 22, 2022 11:49 AM
discount rent (by Salernitana [CA]) May 22, 2022 2:01 PM
discount rent (by Nicole [PA]) May 22, 2022 4:02 PM
discount rent (by 6x6 [TN]) May 22, 2022 5:25 PM
discount rent (by Busy [WI]) May 22, 2022 6:12 PM
discount rent (by myob [GA]) May 22, 2022 9:15 PM
discount rent (by Still Learning [NH]) May 23, 2022 7:26 AM
discount rent (by WMH [NC]) May 23, 2022 9:00 AM
discount rent (by Busy [WI]) May 23, 2022 9:33 AM
discount rent (by LisaFL [FL]) May 23, 2022 10:19 AM
discount rent (by Busy [WI]) May 23, 2022 10:38 AM
discount rent (by zero [IN]) May 23, 2022 1:45 PM
discount rent (by Robin [WI]) May 24, 2022 6:18 PM
discount rent (by myob [GA]) Posted on: May 21, 2022 9:21 AM Message:
saw a hugh slow down in leasing this week here in GA. we had been booming. NOW people are getting worried.
I'm working on a plan to give back rent, I've notice renters of ours are all working people-- no gov't assistance -- all 40 hr week.
So we will develop a plan to give back maybe 50.00 a month to those who are not in any arrears with rent and payment must be post marked by the first.
We feel we've got to do something to help our tenants or incentivise them to remember our LL'd isn't treating us bad and is doing something to help them.
--24.53.xxx.xx |
discount rent (by Robert,OntarioCanada [ON]) Posted on: May 21, 2022 9:40 AM Message:
Salaries have not gone up where the price for liter of gasoline here is going to be over $2 dollar per liter where times four approximately to US gallon. Inflation is going to effect the cost of everything. Tenants only look at rent one way where owning rental properties there a lot operating costs where also replacing a roof water heater, HVAC system along with renovations where components wear out. Hope they never bring slum legislation where other then bombing rent control destroys rental buildings and houses over time. --68.69.xxx.xxx |
discount rent (by myob [GA]) Posted on: May 21, 2022 9:59 AM Message:
I'm thinking on this Robert more for me to say I tried something to help. Its hard sitting here watching this go down in flames and to do nothing?
I don't think I'm the only one who feels this way? maybe others will respond. This is a TO ALL post.
--24.53.xxx.xx |
discount rent (by Robert J [CA]) Posted on: May 21, 2022 11:46 AM Message:
I had 3 tenants in the same apartment complex approach me for a temporary rent reduction.
Tenant #1 get's deliveries from Amazon 3 to 4 times a week. How do I know this? The unbroken boxes left in the trash area, with packing slips. They can afford to buy every new cooking gadget but want a $100 a month reduction. Ridiculous.
Tenant #2 goes out every night to eat dinner with her friends and family. No trash with cooking boxes, cans, whatever. She wanted a $50 rent reduction. But she had her boyfriend move-in without my permission and I didn't raise her rent then. Also Ridiculous.
Tenant #3. Doesn't ask for much. Her hours got cut. She asked if she can do somethings around the building, like cleaning up, for a modest rent reduction. Since she is the newest tenant paying the highest rent, I agreed to lower her rent for the next 3 months, depending if she get back her lost hours. Before the next month started, she got her hours restored and did not need a rent reduction anymore.
I view each tenant on their merits. In the past, 1997-2001, I did do many rent reductions to keep a good tenant during troubled times. --47.155.xx.xxx |
discount rent (by Moshe [CA]) Posted on: May 21, 2022 12:03 PM Message:
As the (recession) storm clouds gather, it is nice to see some concern on the part of landlords. However, in order for the landlord community to get appropriate credit, some things must be kept in mind.
First, the world will little note what you do for individual tenants. The world (especially the political world) will note more that gross rental rates do not increase too fast.
Salaries in the US have gone much higher over the last couple of years and despite the inflation, including the cost of gas, many renters have more disposable income than ever. But they are still extremely vulnerable to the loss of their job, which will change everything.
If a landlord lowers rent for a tenant in need, I hope that this act of kindness will get some publicity, to help to ameliorate the image of landlords.
--47.139.xx.xxx |
discount rent (by Busy [WI]) Posted on: May 21, 2022 12:04 PM Message:
My first thought on this is, oh, MYOB is trolling us, trying to get a verbal dust-up going.
But, as for noticing the tenants are all working hard, and yet struggling, um, I think you musta got ahold of the letter I sent to my tenants last fall. In fact, your words are eerily similar to what I said to my tenants then. So, Been there, done that.
And, no, I don't need to be my tenant's friend. Nor am I afraid to raise rents. I am a very practical person, and dealing with turnovers, or evictions, or any of that isn't in my timeframe right now. Grandma is too busy! Got grandkids to teach gardening, sewing, and all other kinds of fun things on babysitting days. Oldest grandkid is looking forward to helping with rental stuff this summer. He figured he'd ask for $6 to mow a lawn. I think I can do that! Lol! ( He knows we pay for his piano lessons, wanted to give us a deal.) --70.92.xxx.xxx |
discount rent (by myob [GA]) Posted on: May 21, 2022 9:04 PM Message:
thanks for your input. no this is no troll. Thinking out loud as to where this economy is taking the tenants. my customers.
Wat is my long range plan-- lower rents or watch them run the bill up and skip? i gotta be thinking on this. --72.2.xxx.x |
discount rent (by Ken [NY]) Posted on: May 22, 2022 11:19 AM Message:
MYOB, you like turnovers so why send mixed messages? you also like it when they skip and you take them to court so why change now? --74.77.xx.xx |
discount rent (by Oregon Woodsmoke [ID]) Posted on: May 22, 2022 11:21 AM Message:
I would think that as long as they have been able to pay the rent all along that they can pay the rent at whatever rate they are paying now, as long as their income doesn't go down.
I'd be more inclined to tell them that rents are going up but because they are good tenants and you hope they will stay, you will not be doing a rent raise this year.
You have to keep a watch on other rentals and if all the landlords in the area decide to drop rent, then at that point, you might have to drop or else your tenants might move to a cheaper place. But it doesn't sound like that is happening yet. --76.178.xxx.xxx |
discount rent (by myob [GA]) Posted on: May 22, 2022 11:49 AM Message:
Ken you are right on one aspect. love it when they skip cause I get the property back. When they don't pay and just sit there in the property-- naw we don't like that. it's taking 6 months for court date since ZOOM is now how court is held.
I do love turn over but-- big but--- i've had to step back somewhat from that. Don't get me wrong if the wind doesn't blow correctly-- there out but court can't be on the horizon-- cause getting them out for none pay is --- well lets say kilz 3 drys faster then the court is working-- not to mention set outs by the sheriff. I've had court orders for the sheriff and the first available may be 3 months from now.
Ken you might say as an owner our situation is always moving. Court for lack of a better term was our motivator-- can't say that now.
Oregon i hear you. I understand but what i'm trying to accomplish is to be the LL'd who worked with them-- without there asking. So when they start bit***hing about this one and that one scr***ing them the LL'd doesn't get put in that group.
Still thinking on it. --72.2.xxx.x |
discount rent (by Salernitana [CA]) Posted on: May 22, 2022 2:01 PM Message:
I too thought that myob's post would certainly be a trolling one. However, I'm surprised by how rather nuanced it is, inciting valid concerns and opinions. Thanks for sharing your constructive thoughts, myob, and it's always good to learn from all the experts. --67.188.xx.xxx |
discount rent (by Nicole [PA]) Posted on: May 22, 2022 4:02 PM Message:
... Oldest grandkid is looking forward to helping with rental stuff this summer. He figured he'd ask for $6 to mow a lawn. ...
I know that you are a smart woman. Keep your grandson away from mine or they will quickly teach him how grandma is the best pay check that exists. Mine have been getting paid since they were probably 4 years old for the older ones and 2 for the younger ones (because there was coaching and encouragement from the older ones) and $6 (plus food, always food) will be the beginning !! --98.237.xxx.xx |
discount rent (by 6x6 [TN]) Posted on: May 22, 2022 5:25 PM Message:
Awfully nice of you, since you ripped their a$$ off during the pandemic. LOL!!! Just kidding.
Robert J hit on a good point. Where else is their money going? Have they learned to save for harder times or are they buying junk and eating out every day?
--73.120.xx.xxx |
discount rent (by Busy [WI]) Posted on: May 22, 2022 6:12 PM Message:
Nicole, yes, always food. Grandpa takes him to piano lessons, and that usually involves a burger and shake! ( for both, Grandpa too.)
Now I need to look into paying them officially. $6 / mow, he might stay under $50 for the summer, as I'm not going to overuse him. But, in a few years, he'll be big enough to do quite a bit. He's chomping at the bit to ride Grandpa's mower, but he's skinny. Doesn't weigh enough. Maybe more burgers and shakes! --70.92.xxx.xxx |
discount rent (by myob [GA]) Posted on: May 22, 2022 9:15 PM Message:
we all need, in my opinion, to be prepared for tenants that are going broke just driving to work. Mined you I'm not talking applicant tenant prospects. our tenants may not be able to pay 10.00 a gal for gas to go get the take out food.
So my plan is to try to get ahead of it.
How? thats the point of this post. How do we get the tenant to say-- my LL'd is already helping me by discounting the rent.
Now if your a person who thinks tenants are not living pay check to paycheck then you have no worries.
I've seen their checks and stubs-- I know what stuff costs.
As most know I like prevent maintenance-- that includes prevent evictions for non pay. --72.2.xxx.x |
discount rent (by Still Learning [NH]) Posted on: May 23, 2022 7:26 AM Message:
I have no plans to lower rent at this point but as our market is still rising rents and low vacancy but fully realize what lies ahead may be drops in rent to keep tenants when that market turns. I’m not a fan of discounting rent but using other methods to help or show support. During the craziness of the beginning shut down, stay at home, no TP, bare shelves I bought an industrial case pack of TP and let all tenants know it was available and just send a request for x number of rolls which would be delivered to their doorstep. A little out of concern but mostly self serving to avoid sewer issues from using who knows what. I also delivered rolls of quarters to the building with coin op laundry for 3 months and picked up the water and sewer bill for the other building for 3 months. Not a huge expense for me but the idea was to do something to hopefully have them choose to pay rent vs take advantage of eviction moratorium. Every January, I send gas gift cards to those that pay rent on time all year. Again not a huge expense but a thank you for choosing to pay. Perhaps a gas or grocery store gift card acknowledging rising costs and thanking them for continuing to make those on time rent payments. I would rather temporarily choose to do something that helps with the budget but doesn’t lower the rent amount. If things really tank or advertised vacant rent prices nose dive so tenants will be leaving for cheaper places is the time to lower rents, not preemptively in my opinion. Having said that, I also realize different areas of the country and different groups of tenants will all be impacted differently so dropping rents might be a better choice for some. --75.67.xxx.xxx |
discount rent (by WMH [NC]) Posted on: May 23, 2022 9:00 AM Message:
I just raised the rent $250 on a long-term tenant for July. I had let it go too long and it's still not full market rent - let's hope they have been saving their pennies from the cheap rent the last ten years. He drives a Mercedes so I don't think so. Rents went up so fast, though, that they are still about $150 under market. However, no turnover costs so there's that.
I just raised rents at turnover (June) on two places by $200 each. The new tenants qualified based on the higher rents, so they should be good. --50.82.xxx.xxx |
discount rent (by Busy [WI]) Posted on: May 23, 2022 9:33 AM Message:
I think its relative. Lower income, working class people were hit hardest when so many governments and large businesses raised their minimums to $15 an hour. Now my tenant who was making a good wage at $18 an hour is just barely getting by. Cus those cities and stores raised fees, prices. Higher earners, not affected as much. --70.92.xxx.xxx |
discount rent (by LisaFL [FL]) Posted on: May 23, 2022 10:19 AM Message:
MYOB,
Isn’t that what someone who keeps their rent below market doing all along?
If you “feel” for your tenants and want to help, why not just keep your rents very reasonable? I wouldn’t lower mine when costs across the board are up significantly because my rents are already low. As it is now I’ve fallen too far behind but fortunately I’m in a position to be generous.
I’d rather give discounted rent to folks who work, take care of their homes and who aren’t on the government dole in any way. It’s these people just above the handout threshold who need help the most.
As I’ve said before, that extra $50 a month in rent is only worth $35 to me after taxes but it’s with the whole $50 to the tenant. I’d rather give the tenant $50 than keep $35 and give the government an extra $15. It’s my own personal charity that doesn’t require me to itemize to get the deduction and I know where the money is going. --75.89.xxx.xxx |
discount rent (by Busy [WI]) Posted on: May 23, 2022 10:38 AM Message:
Amen, Lisa!
Oh, but us mom and pop landlords MUST be AFRAID to raise rents, dontcha know! ( oh, I am sooo tired of seeing that phrase in this forum!)
I think we're just practical. --70.92.xxx.xxx |
discount rent (by zero [IN]) Posted on: May 23, 2022 1:45 PM Message:
I am just now getting the rest of my tenants brought up a tiny bit. Still under market but I don't feel right with the big hit just yet.
Never given free rents but I have let people slide for a short time, depending on circumstances and all. I'm not big time and don't make money hand over fist (yet) so I need to keep everything going so I can afford to keep the places going. --107.147.xx.xxx |
discount rent (by Robin [WI]) Posted on: May 24, 2022 6:18 PM Message:
Hmmm. Wonder if HD is going to discount the cost of water heaters and shingles to keep us as customers? Somehow I don't think so.... --172.58.xxx.xxx |
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