General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Tenant emergency savings option
What's up BP,
After seeing that the majority of tenants do not have reserves for situations like the Covid-19 pandemic, I was thinking about offering an emergency rent savings plan for future tenants. This would be voluntary and would be part of the lease if the tenants decide to choose this option. An example would be charging an extra $100 on top of the rent and could only be used for emergency situations like losing their source of income. If they decide to move out at the end of their lease, then their money would be refunded.
Is this legal in California?
Sounds like a good idea for the future after this pandemic is over as it would ensure the tenants having reserves just like it is expected for landlords.
What do you guys think?