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Do Tenants Have to Pay Rent April 1st?

David Kurt

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

What made you decide to get into real estate? I was one year into working a “real job”; the type you study hard and go to University for when I re...

Mar 30 3 minutes read

Do Tenants Have to Pay Rent April 1st?

Hey everyone! I'm sure by now we are all feeling a little stir crazy. So, we're here to brighten up your day! We've got David on the mic for this Monday's episode of Selling the Rock -  you're Sudbury Real Estate podcast! Tune in to hear him unpack the question "Do tenants have to pay rent April 1st?"! 

The announcements that both the Federal and Provincial governments have made have led tenants to believe that they don't have to pay their rent. This, however, is not the case and can be a tad frustrating for investors. David has yet to hear from anybody that has faced a situation where their investment properties have qualified for mortgage deferrals. So it's important for tenants to realize that their landlord will likely be in a position where they have to pay rent. However, as a landlord, it is so important to be reaching out and having conversations with your tenants. Ask them if they are struggling financially and let them know that if they are in a tough position, you are completely happy to work with them over the long term. Remember that your tenants are also your clients; they deserve to be treated like people. 

To clear the air on the announcement made, the landlord/tenant board is temporarily dismissed and tenants will not be able to get evicted. However, they are still expected to pay rent, even if that means playing catch up in the future. It's wild to think that this is the first time we've ever had a self made depression/ recession. We have made the choice to turn off the switch. It's certainly not going to be easy to turn the switch back on.

 David wraps up this episode with his glass half full - with all of this isolation, so many of us have never felt more connected. And that is exactly what we aim to do with Selling the Rock. So, tune in and connect with us. We'd LOVE to hear your thoughts and concerns on today's topic. Please let us know how we're doing and like, subscribe and share with the people in your circle!

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