Two Thirds of Landlords Will Lower Rent For Struggling Tenants

If you are renting and money is tight, call your landlord and see if they can give you a reduction. A new survey shows that 69 percent of landlords will be willing to lower the rent for tenants that are struggling if they are asked and the request is legitimate.

Most tenants will not pay the rent or pay it late when money is tight. This can hurt their credibility and create long term hardships down the road. From the landlords perspective, eviction and finding new tenants are an expense they would prefer to avoid. So when a good tenant is having rough times and approaches the landlord, there often is a deal that can be worked out.

So don’t blow off paying the rent if money is tight, instead call your landlord and work out a deal It is a win win for both of you.

Nearly one-third of these landlords (32%) say they have lowered rents over the past 18 months, according to an informal survey of association members released today.

Just like everyone else in this recession, landlords are trying hard to pay their mortgage and cover their bills. As long as renters pay on time and take good care of where they’re living, landlords will work with them, Benson said.

Tracey Benson, president of The National Association of Independent Landlords, points out that in today’s tough economy, renters absolutely should approach their landlords if they need help making ends meet.

“Just like everyone else in this recession, landlords are trying hard to pay their mortgage and cover their bills. As long as renters pay on time and take good care of where they’re living, landlords will work with them,” Benson said.

Of those landlords willing to negotiate, 61% said they would drop rents up to 5%, and another 29% said they would take off up to 10%; the handful of those remaining said they would consider even steeper discounts.

read the rest at The National Association of Independent Landlords.

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