Coronavirus has caught almost everyone in the world off guard in recent months, especially Las Vegas, a city known for its hospitality industry, which has been virtually being shut down due to the virus in the hopes that keeping hotels, casinos, and another public area shut down will stop the spread here.
Sadly, due to most of the hospitality industry being shut down in Las Vegas, this also has one of the main reasons why there have been mass lay off’s and job losses.
Although many renters in the Las Vegas area have been laid off, the question is what should owners do when they start hearing from their tenants on April 1st that they are unable to pay their rent?
This article will answer this question and provide owners with tips on how to deal with their tenants when they are informed that they will not be able to pay their rent.
Owners And Tenants Should Work Together
Even though the most common solution for a landlord or owner in the Las Vegas area in the past was to evict their tenant when they were unable to pay their rent, the reality is that extraordinary times require extraordinary solutions.
What does this mean? Owners in Las Vegas area should be willing to work out an arrangement with their tenants so that the tenant can pay some of the money that they have right now towards rent while deferring the remaining balance that's owed over a period of 12 months.
If an owner tells their tenant that they can start paying the back rent in May or June. This will give them a couple of extra months to get on their feet financially before they have to start paying back the rent money that they owe.
As of March 31st, 2020, the consensus regarding coronavirus that its impact on the United States will be greatly diminished by April 30th and there is a hope that business will be able to get back to normal by May at the latest.
With the president's economic stimulus package, and checks in the mail, it’s likely that renters will also be able to use all or a portion of their stimulus checks towards paying their rents.
Contact Blackbird Realty And Management
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