Ask Landlord Hank: What’s Your Advice On Renting During the Moratorium on Evictions?

Ask Landlord Hank: What’s Your Advice On Renting During the Moratorium on Evictions?

In this week’s Ask Landlord Hank question, he gives his thoughts on best practices for renting during the moratorium on evictions to new tenants.

Dear Landlord Hank:

I’d love to know your thoughts or advice on renting during the moratorium on evictions. Can you have a new tenant waive the right of not paying rent?

My husband and I have two units of a triplex ready to rent. However, the day they announced the “no evictions for 120 days,” I received 12 leads of “groups” of individuals wanting to rent.  Fortunately, our criteria is high and none qualified, but it concerned us, so we pulled them off the market.  I don’t know how long we can afford to keep doing that, but I heard some larger complexes have put units on hold, too.

What are your thoughts on this topic?

Debbi

Dear Landlord Debbi,

You are right to be VERY cautious during this novel situation, as you know some people are going to try to move in and not pay rent.

We have continued to market our rentals.

We are lucky to be in an area of the country where first, last and security up front are standard. You could ask for this monetary arrangement to give you the cushion on one additional month’s rent.

When we do our background screening we are looking very carefully at work histories, specifically if someone is in a business considered “essential.” That way, the tenant is more likely to continue working.

We are also checking to see that their hours haven’t been cut.

It sounds like you have high standards to begin with, so you should be OK to accept a tenant that meets your normal qualifications, especially if he or she is in an essential job.

Good luck and stay safe out there.

Sincerely,

Hank Rossi

Renting during the moratorium ask Landlord Hank

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Ask Landlord Hank: What’s Your Advice On Renting During the Moratorium on Evictions?
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Hank Rossi
I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta.