Should I tell my real estate agent that I can't pay my rent in full for May 2020?
Category General
Rent for May is due on or before the 1st May. Lock down does not make the rental commitment go away. It will have to be paid.
For some tenants in lock down, especially those without enough leave due, or commission earners that have been unable to work this may be a real challenge for this coming month.
It is so important to alert your landlord or managing agent now if this situation is going to apply to you. Sure no one can force you to leave during lock down, but what if your Landlord relies on that rent to pay the bond or his other expenses? He needs to have time too to plan. If you just ignore this, you will damage your relationship with your landlord and your real estate agent will not be able to assist in finding another rental.
If you pay your rent by debit order, you don't want to mess up your credit rating with the bank by allowing that debit order to bounce. Telling your Landlord or managing rental agent to stop the debit order should be done at least five days in advance, so consider having that difficult conversation now. If you stop the debit order after its run, well the relationship we discussed above is the cost.
If you can pay a portion, that shows your commitment to honouring your lease agreement. The shortfall can be divided by the remaining number of months on your lease and be paid in monthly or you may be able to catch it up sooner. You know your financial situation, so have that conversation now with your residential real estate agent.
Make sure that whatever decision is agreed is put in writing as an addendum to the lease and signed by all parties.
Author: Renee Varejes
