Tenants not paying rent due to COVID

[Aristone Louxz]

Hello BP Community,

I have a 3 unit residential property in West New York NJ. Due to COVID 2 of the units were not able to Pay April’s rent, (one owns a barber shop which has closed and the other owns a restaurant which is closed as well).

I understand these are times of uncertainty but what are other landlords doing in these situations?

Do I apply late fees? Do I apply their security deposit to their balance for this month? What happens when next month comes and they still cannot pay rent?

I know it’s hard to tell what the future holds since everything is changing day by day but I just would like to know what other landlords are doing in a similar situation.

Best,

Aristone louxz

[Guifre Mora]

Originally posted by @Aristone Louxz:

Hello BP Community,

I have a 3 unit residential property in West New York NJ. Due to COVID 2 of the units were not able to Pay April’s rent, (one owns a barber shop which has closed and the other owns a restaurant which is closed as well).

I understand these are times of uncertainty but what are other landlords doing in these situations?

Do I apply late fees? Do I apply their security deposit to their balance for this month? What happens when next month comes and they still cannot pay rent?

I know it’s hard to tell what the future holds since everything is changing day by day but I just would like to know what other landlords are doing in a similar situation.

Best,

Aristone louxz

For us who own investment property its a tough spot as well as for our tenants. 

There is no one size fits all here its a month to month situation, you do what you can and what your heart feels its right. You can apply late fees but you won't collect anyway, applying the deposit would alleviate this month for you. Next month you are back to square one.