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Keyrenter Property Management San Antonio

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Essential Things to Do If Your Tenant Can’t Pay Rent – Keyrenter San Antonio

The COVID-19 pandemic has put over 40 million people out of work in the US–a full quarter of the labor force. While there are no reliable estimates as to how many of these people are renters, we do know that nearly 50 million people in the US rent their homes. 

Many people out of work aren’t eligible for unemployment or, if they are, get much less than what they were getting when they were working. This lack of income has resulted in millions of tenants unable to pay rent.

This has put landlords in a tenuous position, as they often have mortgages to pay and millions of landlords are individual owners who rely on rent to pay their bills. If you’re a landlord with a tenant who can’t pay their rent, here are 5 things you can do. 

1. Work Out a Payment Plan 

One of the most important things you can do is to communicate with your tenant. Talk to them to learn about their situation if they can’t pay their rent. If possible, work out a payment plan with them. 

If you can, allow them to pay partial rent or to pay it over a few weeks rather than paying it in full at the beginning of the month. Whatever arrangement you work out with your renters, make sure it is realistic and put it in writing. Put all of the details, including dates and amounts, in an agreement that both you and your tenant agree to and sign. 

2. Speak With Your Mortgage Lender

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes help for borrowers by waiving late fees on your mortgage payments and suspending foreclosures. If your tenants can’t pay and because of that, you can’t pay your mortgage, contact your lender to see what programs they have available for you. 

3. Contact Your Insurance Company

You don’t want to let your insurance lapse, but you can contact them to see if they have any programs for landlords experiencing non-payment of rent due to COVID layoffs. Some companies are waiving late fees, allowing policyholders to pay over time, and not canceling policies for nonpayment. 

Many of these programs aren’t automatic, so you’ll have to take the initiative to call your insurance company and ask them for assistance. 

4. See What Your State Is Doing About Property Taxes 

Most states have summer and winter property taxes. If your taxes are due and you can’t pay them, check with your city, state, or county to see if they have made any special provisions due to COVID. Some localities are allowing residents to pay their taxes in installment plans, waiving late fees, and allowing them to defer payments for a few months. 

5. Avoid Eviction 

Many states have issued emergency orders that prohibit landlords from evicting tenants, so this may not be an option anyway. Even if it is, consider working with your tenant as much as possible to keep them in the property. Eviction is costly for you as the landlord, there’s no guarantee you’ll get any of that money back if you win, and then you have an empty property until you find a new tenant. 

If Your Tenant Can’t Pay Rent, Try to Work With Them 

As a landlord, you rely on your tenant to pay rent so you can pay your bills. However, the unprecedented furloughs and layoffs of the COVID-19 pandemic are largely outside of their control. If you can work with them to keep them at all possible, it’s in your best interest to try to do that. 

Keyrenter Property Management in San Antonio can help you manage your renters. Contact us for more information if you have a property that you need managed.

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Filed Under: Landlord Resources Tagged With: covid-19, Tenant Help

The Need to Know Rental Property Facts and Trends – Keyrenter San Antonio

Are you up to date with changes to the Rental Market?

Rental properties are a great tool for getting in extra, steady income. But if you’re not paying attention, changes in market trends can sneak up on you.

Don’t worry, we’re here to help! Read on for important rental property facts and trends for the San Antonio markets.

Rentals are a Growing Market

There are over 100 million renters in America. Between 2010 and 2018, the number of renters increased by 9.1 million.

And the share of renters now makes up 37 percent, which is the highest it’s been since 1965. In the past, the percentage of renters has fluctuated over the years. But, since the 2000s, it has seen consistent growth.

This means that it is currently the best time in the last 50 years to invest in rental properties.

The Importance of Millennials

Increased property prices and an increasingly mobile workforce have resulted in Millennials being the largest rental and the smallest homeowner demographic in the United states. Only 4% of all homeowners are Millennials.

The sheer volume of millennial renters is not something that can be ignored when looking for a rental investment. A rental property that is appealing to this younger demographic will have much less difficulty finding a tenant.

The age at which Millennials purchase homes is also increasing, meaning that they remain in the rental market for longer – increasing their attractiveness as long-term tenants.

Less Families with Children

Family units are less likely to move around, which is why the prevailing wisdom has always been that the most attractive long-term rental properties were family homes. But over the last decade this idea has been put to the question

Since 2010, the number of American families with children has decreased by 1.3 million. As the types of properties that are most sought after by renters depends on their family composition, it is likely that ‘family homes’ will become less sought after in the rental market.

Although the overall numbers of renting families have only decreased slightly, this is a trend that should not be ignored.

Rental changes in 2020

Although historically overpriced cities like New York and San Francisco have seen rent reductions this year, the same cannot be said of for most cities. Even during the uncertainty of 2020, the US rental market has seen a strong trend in rent prices.

The rental market in San Antonio remains strong, and has actually seen some of the largest increases across the country. The average rent for a one bedroom property has increased Year on Year by 15.9%, closely followed by 2 bed properties at 15.10%.

Rental Property Facts Everyone Should Know

As you can see, there rental property market is a booming industry, and by keeping on top of the latest rental property facts and trends, you can make great long term investments in the market.

If you are looking for quality property management services, contact us today at Keyrenter San Antonio Property Management today. Whether you are a homeowner or a real estate investor, our award-winning services focus on maximizing your profits and maintaining your rental property.

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Filed Under: Property Management Tagged With: facts, property management, trends

A Landlord’s Guide on How to Help Tenants During the Covid-19 Pandemic – Keyrenter San Antonio

The COVID-19 crisis has left millions of Americans in a tight financial spot. Many have been furloughed, laid off, or had to close their businesses. Others are saddled with medical bills from hospital stays or are dealing with grief from losing a loved one to the novel Coronavirus.

With so many tenants begging for rent relief, landlords across the country are also in a tricky spot. Property management is expensive, and while being able to cancel rent would be great, it could do a lot more harm than good.

If you’re trying to figure out how to help tenants through these difficult times, there are still a few things you can do. Read on to learn some other ways to offer landlord help and show you care without losing out on rent.

Stay Up-to-Date on the Pandemic

First and foremost, make sure you’re getting your Coronavirus information from a reputable source.

Turn to accredited entities like the World Health Organization for updates. Don’t listen to the speculations of friends on Facebook or biased media outlets. The number of cases in your area and new safety recommendations may inform how you approach property management.

Consider sending weekly email updates to your tenants about the pandemic. Let them know the current status in your area, instructions for safety procedures, and any restrictions you have in place on your properties. This lets them know that you’re aware of the situation and have their best interests in mind.

Reduce Points of Contact

Early in the pandemic, all but the operations deemed “essential” were either put on hold or switched to remote work to flatten the curve. Even though many businesses are open again, reducing contact is still the best way to protect yourself and others.

Whenever possible, close down the office and conduct your duties remotely. You may want to allow one person at a time to hold office hours or offer in-person meetings by appointment only. Ask all parties to wear functional masks and practice social distancing when a meeting can’t be avoided.

Stay on Top of Your Landlord Duties

Even in the midst of a pandemic, the need to provide services to tenants continues. Even so, to cut disease transmission, you may have to change how you approach them.

With evidence that COVID-19 can spread through touch, frequent cleaning and disinfecting of all common areas is vital. This includes your office space, building lobbies, and apartment hallways and stairwells. If you manage single-family residences, offer a guide on how your tenants can disinfect their own spaces.

Keep home visits for routine maintenance inspections to a minimum whenever possible. Try using a video chat app like Zoom or Facetime for check-ins instead.

Revise Rent Regulations

Even though you can’t cancel rent entirely, you may be able to make it easier for your tenants who are struggling. Take a look at your policies for late fees to see if they can be relaxed, and try to offer flexible payments on a case-by-case basis. It’s better to help a responsible tenant through hard times than to be faced with an unexpected vacancy.

Follow These Tips for How to Help Tenants Through the COVID-19 Crisis

In an ideal world, we could offer total rent relief without any negative repercussions. Until then, though, using this guide on how to help tenants in other ways can show them you care while still covering expenses.

If you need some extra help providing exceptional service to tenants during these difficult times, Keyrenter Property Management of San Antonio is here for you. Contact us online or give us a call today to learn more about our comprehensive services.

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Filed Under: Landlord Resources Tagged With: COVID-19 Pandemic, Landlord Help, property management, Tenant Help

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