31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
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Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#2> through the first five days of April, 31 percent of tenants had so far failed to pay their rent, compared with 18 percent in the same period a year ago.
If the headline had said 18%, the situation would have sounded bad to me, but apparently that's normal?
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#3> through the first five days of April, 31 percent of tenants had so far failed to pay their rent, compared with 18 percent in the same period a year ago. If the headline had said 18%, the situation would have sounded bad to me, but apparently that's normal?
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry.
The difference here is that the percent of that 31% who really can't afford the rent -- not now, and not any time soon -- is probably closer to 100%.
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#4> through the first five days of April, 31 percent of tenants had so far failed to pay their rent, compared with 18 percent in the same period a year ago. If the headline had said 18%, the situation would have sounded bad to me, but apparently that's normal?
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry. The difference here is that the percen…
The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month?
In NZ rent is weekly, on no particular day (can be different for each tenant).
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#5Earlier quoted context omitted.
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry. The difference here is that the percen…
The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month? In NZ rent is weekly, on no particular day (can be different for each tenant).
Yes, in the US rents are usually due on the first of the month and all months cost the same amount.
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#6Earlier quoted context omitted.
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry. The difference here is that the percen…
The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month? In NZ rent is weekly, on no particular day (can be different for each tenant).
> To clarify: Are all rents in the US monthly and due on the first of the month?
Yes, at least in all the markets I'm aware of. If someone moves in after in the middle of a month, you'll pro-rate the rent for that first fraction of a month so that everyone's back on the monthly cycle for the rest of the lease (typically 12 months, but in some markets there's a strong preference for a particular month and so the lease will be written to end after less than 12 months. Typically uni towns where you really want to lease to end on August 31st regardless of when it started).
To clarify the 15th: paychecks typically also always arrive bimonthy and on fixed days. So, people would fail to budget for the 1st but would be able to cover rent when their second bimonthly paycheck hit their account. As a land owner extracting rent from folks, I think it's more than fair that they get a ~10 day interest fee loan as needed. And even if I were an asshole, it wouldn't be in my economic interest to do anything about those sorts of 10 day delays.
But I sort of suspect a lot of the folks who couldn't afford rent on the 1st of April 2020 won't be able to afford rent on the 15th of April 2020 either...
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#7Earlier quoted context omitted.
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry. The difference here is that the percen…
The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month? In NZ rent is weekly, on no particular day (can be different for each tenant).
[deleted]
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#8"31% Can't Pay the Rent" != "31% Are Not Paying Rent"
"Can't" indicates they are unable, whereas I suspect at least some are taking advantage of the current situation [1]. Any situation where it's possible to take advantage, you can almost guarantee that people will.
This is not the way forwards - not paying rent will have a large knock-on effect for landlords (which, despite some sentiment, isn't necessarily the 1%). The US government needs to provide money if they are going to demand that people stay at home and not work.
Ultimately they either bring the economy to a screaming halt (entirely) or trickle money to those unable to work in order to keep things going. In my opinion stalling the economy is a bad idea - it can cost a lot of time and money to get it going again.
[1] https://news.yahoo.com/rent-strike-idea-gaining-steam-170345...
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#9Earlier quoted context omitted.
Depends on how long the rent goes delinquent. It's not uncommon for the rent to finally show up around the 15th. I used to rent out a property and would typically write the lease so that the rent was due within 5 days of the 1st. I would send a reminder but I didn't really start to worry as long as it showed up before the 20th. If it took longer than that I would start to worry. The difference here is that the percen…
The article implied synchronised rents, and now you have too. To clarify: Are all rents in the US monthly and due on the first of the month? In NZ rent is weekly, on no particular day (can be different for each tenant).
Residential rentals in the US are priced by the month and I've never seen one in which the rent was not due on the first of the month.
Re: 31% Can’t Pay the Rent: ‘It’s Only Going to Get Worse’
#10Equity residential collected 93% of rent for April 1.
The difference in tenants is real. Equity residential tenants are higher end rentals in big to midsized cities with strong economies.
http://investors.equityapartments.com/file/Index?KeyFile=403...