CV-19 Renters laid off - How should we handle this as owners?

[Bonnie Petrenko]

Many of my rentals are occupied with lower income individuals. Some of the renters are asking to make lower payments or refusing to pay their rents at all. But here is a thought….

Let’s suppose we have 2 renters living in the same house and they each make minimum wage at $8.25 per hour – a total of $330 per person per week or combined $660 per week or $2640 per month. Both became unemployed due to CV-19 and they went on unemployment. Suddenly their monthly income went down to unemployment benefits- maybe $1980. Sure, it’s a bad situation.

BUT the unemployment security/government is now offering an extra $600 per week for 4 months in addition to half their benefits. It may look like this…. 495 per week unemployment + 1200 bonus = 1695 per week or $6780 per month. That is huge pay increase! Why should those people neglect their rent????

Now, I’m sure my numbers are probably off, but you get the idea. I would suggest that we discuss with each renter about their particular situation and make intelligent decisions and considerations. Sure, we want to be fair and compassionate, but not stupid either. What do you think?