It’s not something you hear about in the news, but Landlords have hearts too! With the current economic downturn, people are facing a scary world that threatens our basic needs. People are forced to choose between shelter and food or paying the gas bill, and landlords are not immune to this either. Most have normal day jobs that are just as fragile as everyone else's, but some are in a position to help where they can. Tenants are asking for rent reductions, generally for a couple of months while they get back on their feet. It is not expected that every landlord should reduce their rents, but there are some who can and will. The question is not whether or not you should do this; it's up to each individual landlord. This is something that only you can decide, but how to properly help these people without permanently affecting your income is something to be cautious of.
Should you find that you are willing and able to do what you can to help, be sure to adhere to these rules. In a perfect world, you could just tell your tenant that they can pay $100 less for three months, shake hands, and in three months you would have your standard rent again, but unfortunately this isn’t the case. Its not a perfect world; it’s a paper world that has correct procedures and regulations, but its surprisingly easy and quick to help out your tenants. The easiest method is to offer a "rent rebate." In this case, the tenant pays you the whole amount of their rent, and you pay them back the amount you choose. By using this method the rent paid is still the original amount, thus eliminating you being stuck with low rent in the future.
-- Staff and AdviserToTheAdvisers
