Hong Kong's biggest shopping centre Harbour City offers rent concessions and shocks tenants with lease renewal terms - South China Morning Post

Rumored Buzz on Navigate COVID-19 Lease Concessions - Atlanta Real Estate

Some tenants may wish to keep the lease concession after their lease ends. For instance, if you give a renter free laundry use or complimentary parking for a year, they may request the lease concession to be applied to the brand-new lease. If resident concessions don't accept include the concession to the renewed lease, they might decide to leave.

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As a property manager, you can work out and agree to keep the decreased lease rate, however utilize your discretion. Utilizing rent concessions are also dangerous. Although it's unlikely to take place with correct screening, a tenant might cause home damage, pay lease after it's due, or abandon the residential or commercial property, which might lead to eviction. For instance, if you used a totally free deposit as a lease concession, you risk not having cash reserve for repair work.

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Include when the lease concession will end and the circumstances that would need the concession to be revoked in the lease. You need to also send renters a notice of boost a couple of months prior to their lease ends if you offered a reduced rent. If you include rules and expectations in your lease, lease concessions are an excellent technique to avoid extended vacancies and retain current renters.

Get creative, advertise the concession, and you'll have a rewarding rental property in no time! Released November 17, 2020 What Do You Think? 35 Responses About The Author.

Things about How to Handle a Request for Rent Concession During COVID

Correction: The previous edition of this story consisted of incorrect info relating to the conflict over rent relief in between Veritas Investments, the Veritas Tenants Association and the Housing Rights Committee of San Francisco. The article has been upgraded to fix that Veritas Investments did not make any arrangements with or concessions to the Veritas Tenants Association or the Housing Rights Committee.