RISMEDIA, October 30, 2009—More than two-thirds (69%) of smaller, independent landlords will reduce rents to help tenants remain in their homes, according to The National Association of Independent Landlords.
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.
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.
Benson said renters and landlords have much to gain by working together: “Often if renters can’t pay all of their rent, they don’t pay anything at all—hoping the problem will just go away—but that strategy of avoidance just compounds their troubles, hurts their credit rating and adds to their stress level. Landlords today understand what’s going on. They don’t want an empty home any more than a renter wants to be asked to leave.”
For more information, visit www.landlordassociation.com.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com