April End of Month - How Many Tenants are in Default or Reduced Rent?

Discussion in 'Property Management' started by skater, 2nd May, 2020.

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  1. skater

    skater Well-Known Member

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    I've just got most of my end of month statements, and I'm pleased to report that I've only got one that is behind with their FULL rent. They are 14 days in arrears, but other than that, no issues this month. There's still one statement lagging, so hopefully all good with my tenants. How is everyone else going?
     
  2. Hebro

    Hebro Well-Known Member

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    no issues
    just voluntarily gave up an increase in the middle of covid
     
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  3. PaulB

    PaulB Member

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    Just the one.
    Hasn't paid a cent since the day it was announced that tenants would not be evicted.
    Hasn't returned a single phone call, text or email from the PM asking for payment and/or proof of financial hardship. Probably think they can get 6 months rent free. Have applied to VCAT so we'll see what happens!
     
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  4. Gockie

    Gockie Unicycle - get exhausted but never two tired Premium Member

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    I’ve got one issue, and that’s with the Airbnb that hasn’t been rented since 12th April and no future bookings in sight. Looking to go longer term but there’s a lot of competition there too.
     
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  5. HUGH72

    HUGH72 Well-Known Member

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    Now no arrears, thankfully I no longer have any high end rentals, mostly just medium priced properties.

    My lower end rentals have a couple of tenants who have had a government pay rise, which I think we will all be paying for until this is all a very distant memory.
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Resi: No arrears, no requests for discounts, one break lease but that was due to DV and readvertised at same rate and had good interest so should be able to find a good tenant without dropping the price.

    CIP: one has asked for a discount, one is behind but always is
     
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  7. Owlet

    Owlet Well-Known Member

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    All paid up at this point.
     
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  8. Archaon

    Archaon Well-Known Member

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    One tenant, essential worker, no reduction in rent.
     
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  9. Tattler

    Tattler Well-Known Member

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    All paid on time, I did offer to reduce $20 in rent in exchange for new 12 month lease on one of my IP as the lease was close to expiry. It was signed at the end of last month. All good.
     
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  10. TMNT

    TMNT Well-Known Member

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    I don't know much about the short term letting market but assuming you cant turn it into a self isolation venue, i assume that all other air bnbs would be begging pms to find them a long term tenant, and willing to drop their rent
     
  11. Gockie

    Gockie Unicycle - get exhausted but never two tired Premium Member

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    Not much demand for it. In Sydney, anybody flying in is given a 14 day hotel stay. And there’s not many people flying in.
     
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  12. ChrisP73

    ChrisP73 Well-Known Member

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    No issues. 0ne ahead due to returning to UK but payed lease in full. Minor concern about relet rent $ and time vacent.
     
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  13. skater

    skater Well-Known Member

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    That sucks. Make sure all the usually processes are followed. Is this a high end property?
     
  14. Casteller

    Casteller Well-Known Member

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    Lost over 60% of rental income for the next 3 months.
    Along with dividend armegedon covid19 has been quite a hit.
     
  15. skater

    skater Well-Known Member

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    Oh, that's terrible!
     
  16. willair

    willair Well-Known Member Premium Member

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    No problem's yet from just looking at the monthly statements,one of our daughter's had a problem finding a new tenant for the last inner city unit she purchased ,started at $330.00 vacant for several weeks after settlement then 3 in the block of five all became vacant..One was priced at $250-The other was $285- but both of those still had the 1990's look bathroom -kitchens..The one our daughter purchased was a whole new re-fit-out marble top benches all new fit-off right down too the HWS ,the other 2 are still vacant the daughters rented about 2 weeks ago for $300.00 and it's a top sunny day in Brisbane..
     
    Last edited: 3rd May, 2020
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  17. kierank

    kierank Well-Known Member

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    No rent reductions requested.

    All rent payments up to date.

    One tenant (high end) has paid 16 weeks rent in advance to end of lease.

    Had one IP vacating mid-May. Re-leased at same rent from first avail date with new tenant withIn a week of advertising.

    Three lease renewal sent out (all at current rent); one already signed, expect the same for the other two.

    So no problems (so far) which make one very happy landlord.

    We do seek very high quality tenants as we don’t want tenant issues. Doesn’t always work out that way.

    We also tell all of our PMs that we are retired and live on our rent money. In other words, when a tenant doesn’t pay rent, they are “taking food out of our mouth” and “we go hungry“ :eek:.
     
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  18. twobobsworth

    twobobsworth Well-Known Member

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    5/5 no issues
     
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  19. James Bond

    James Bond Well-Known Member

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    None apart from the AirBnB which has gone from hero to zero overnight. Doesn't stop me crapping myself every time I see a new email from one of my property managers in my inbox!
     
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  20. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    We've got one who's slightly behind, another who's always slightly behind and another that's empty due to changing tenants.

    So all good here for the most part... Just keeping an eye on the new non payers. PM is on top of it.
     
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