GREENSBORO, N.C. - May 12, 2020 - (Newswire.com)
According to SLT Properties, a Piedmont Triad-based property management group, renting month-to-month after the lease expires can prove beneficial to both landlords and evicted tenants during the pandemic lockdown.
With stay at home orders in place, the team at SLT has reported more and more landlords feeling the pinch as many tenants are unable to pay their rentals on time because of pandemic-related financial issues. It’s forcing some to evict their tenants.
However, at this time, renters have protection from the government as several federal, state, and local programs have suspended evictions for 30 to 90 days to help them deal with their COVID-19-related financial troubles. Suspended evictions, SLT states, was a choice made to both preserve quarantine regulations and protect tenants adversely affected by the pandemic.
During these times the experts at SLT recommend tenants and landlords begin asking some essential questions such as lease renewal discussions can be made how far in advance, how to renew a lease as a landlord, and how to tell if the tenant is not renewing their lease?
SLT believes that those who are being evicted, or choosing not to renew, switch over to a non-lease monthly payment plan while awaiting to leave the property. For landlords wondering how much more to charge for a month to month lease, SLT’s experts recommend keeping the rents steady at this time, maybe even reducing the monthly payment for the time being to facilitate tenants more efficiently. It’s also recommended to check in with renters every few weeks to assess their situation and adjust the rent as needed.
In these challenging times, SLT believes that no one should be thrown out of their homes during a pandemic as these are the only safe spaces anyone has. Tenants and landlords should look out for each other to combat COVID-19, and SLT Properties is here to help support these efforts. Interested readers who are struggling to pay rent, or have properties being rented in the Piedmont Triad area, are invited to contact SLT Properties for more information.
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Original Source: Renting Month-to-Month After Lease Expires May Help Landlords and Tenants Survive the Pandemic
