Students cannot pay first month Covid (Ontario, Canada)

[Josh Michael]

I have 4 students set to move in to my property May 1st fulfilling the signed lease with deposit. They have just indicated they cannot pay for may. My fear is that my tenants continue to not pay as the crisis is prolonged and come September, Universities announce they are holding their first semesters classes online, and the students do not move in at all. I'm in the unique position that I'm renting now and could move into the house at any time.
I see the scenarios as as this:

1. Allow the tenants to take possession but defer payment until June.
2. Propose to the tenants that we start the lease on June 1. I lose May's rent but I give myself the flexibility to move in before they take possession in June if they yet again announce they can't pay on June 1.
3. Refund the tenants deposit before they take possession and announce I have to cancel the lease due to my financial obligations and move in.

Any advice would be appreciated. 

[Roy N.]

Originally posted by @Josh Michael:

Thank you all for the replies. If they have indicated they can pay May but could have issues with future months as they were unable to are able obtain summer employement, would you cancel the lease or entertain a payment plan?

Josh:

Did you have each of the students (signatories to the lease) secure Guarantors (typically Mom or Dad)- with whom you signed Guarantee Agreements?   If so, then advise them if they do not fulfill their contractual obligations, you will need to reach out to their Guarantors to step-in and cover for them.

Everyone is dealing with a significant amount of uncertainty at the moment.  We have been in communication with all our student tenants to let them know we will work with them, but we are not about to simply cut them free because life is a little challenging at the moment (what kind of lesson would that teach to them?).