Monday, January 27, 2014
So your Tenant Lost His Job
Even though the economy has gotten better, people still get fired, laid off, and otherwise join the unemployed. What if they are your tenants? How do you handle it?
Also, if you are a tenant, it is probably helpful to look at things from a landlord's perspective.
This has never really come up for me yet, but partly because my tenant did not tell me when he lost his job. On the whole, you have to evaluate whether the tenant will be able to get another job quickly and how much slack to give them. The alternative is to suggest they move, which will probably involve you forgiving some rent to get them out.
I would be interested in what landlords and tenants have experienced in this. Please comment below.