It’s not an easy time to be a landlord, but it’s neither an easy time to be a tenant. Honestly, with the pandemic wrecking all of our lives in major ways, there’s no harm in being a bit more supportive toward one another. With so many people losing their jobs and struggling to get by, it’s vital you consider how the current situation impacts those residing on your property. Being understanding is key to maintaining a quality relationship between both parties. And as a tolerant individual, you may be thinking of how landlords can help their tenants – both in times of struggle and on a regular basis. It’s in this article that we’ll attempt to answer that!
How landlords can help their tenants both regularly and during difficult times
Reports suggest that the majority of renters are millennials. The unemployment rate amongst them keeps on being high, making buying a house impossible for many. Nevertheless, whether you are renting to Gen Y, X, baby boomers, families with kids, or even renting out to college students, there comes a time when all of them might require your support. There are plenty of ways to help out, which we’re just about to discuss in detail.
#1 Introduce new tenants to the area
Your tenants are just about to move to Northern Virginia, but they are utterly clueless about their surroundings. They’ve hired local movers to help them in the process of moving, but even once they and their belongings arrive, they will still be far from feeling comfortable residing in the area. It’d be nice if you could make them feel at home by introducing them to the neighborhood. For instance, you could show them directions to the nearby grocery store, restaurant, park, hospital, or any other place they might need to visit. Although this part isn’t mandatory, it will help your tenants appreciate you all the more as a landlord.
#2 Stock up on essentials
Your new tenants won’t only have a problem getting around, especially if they are renting for the first time. They might also not have enough time to pick up essentials with the whole moving process and all. Make their lives a tiny bit easier by doing the shopping instead of themselves. It’s the least you could do. These essentials can include anything from toilet paper, soap, and dish soap, to disposable cups, plates, and cutlery. All of the above will help them get through the first couple of days, and they also won’t have to rush to unpack everything.
#3 Render yourself available for emergencies
Wondering how landlords can help their tenants? Well, for instance, by being there for them when emergencies occur. Do they need to pack and leave on short notice? Be there for them. Of course, it might be impossible to be there every single time something bad happens, but that’s when property managers come into play. As a landlord, you’ll certainly benefit from hiring a property manager since you’ll have someone to come to tenants’ rescue when you absolutely can’t manage to show.
#4 Address problems promptly
The renters have reported a certain problem during their stay, and they need your assistance solving it. Despite the issue not requiring immediate response, it’s in both of your interests to address it as soon as possible. It’s a sign of goodwill from your side, which surely won’t pass unnoticed.
#5 Keep in touch with them
Now, it is more important than ever to be considerate. Keep in touch with your tenants during these trying times. Ask them how they are coping. Have they lost their jobs recently? If the answer is ”yes”, discuss how you can relieve some of their struggles. Would you be willing to allow them to be late on rent? If that doesn’t seem to work for you, a reduction in rent might prove the solution both of you deem acceptable. Either way, the importance of talking with each other is not to be neglected.
#6 Apply for federal rental assistance
Interested in how landlords can help tenants who can’t keep up with their rental responsibilities during the pandemic? Well, by applying for a federal program offering rental assistance. Getting approved means both of you will get some much-needed peace of mind, thus making your lives much easier. At least for the time being. It’s worth noting that it’s typically up to the landlord to apply for one of the emergency programs, which the US Department of Treasury funds. In most cases, tenants can’t do it themselves, although there are certain exceptions. Either way, perform your due diligence before taking any action, as you want to be completely informed of the whole process.
Landlords and tenants that apply for the program can expect rent coverage of up to 18 months, including the months behind us and the upcoming ones. That should give all parties involved enough time to figure out what to do in the future.
#7 Freeze your mortgage
When renters fail to pay, be that even for an understandable reason, ultimately, it’s landlords who suffer. You might be paying off the mortgage through recouping rent, so when the monthly payment doesn’t come, it’s you who’s put in a difficult spot. Should such a scenario come to life, mortgage forbearance might be the only solution to the problem. It’s a form of temporary mortgage relief that allows homeowners to freeze their payments for a certain amount of time or reduce them. Of course, when the forbearance period ends, you’ll be required to pay it all back, but thankfully, not all at once. Either way, suspending the mortgage payments will ease your tenants’ and your struggles. They’ll be given a chance to collect the money without you having to worry about missing an installment.
In conclusion
And there they are – some of the ways how landlords can help their tenants stay afloat. It’s all about being humane, and understanding, and knowing that even the most minor acts of kindness go a long way these days. Show the renters you appreciate them and their needs, and they’ll reward you by staying put longer. Truthfully, it’s all pretty straightforward – happy tenants equal happy landlords. And isn’t that how it should be?
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