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Stronger checks on potential tenants
Some parts of the economy have been hit harder than others. When considering new tenants, the industry they work in or their employer may be a better guide to future ability to pay rent than simply checking current income, Stewart said.
Take out rental insurance
Landlords might consider protecting their income by purchasing rental guarantee insurance that will pay off if tenants are unable to do so. Many vendors recalled these products at the beginning of the pandemic, and while some have returned to the market, the premiums are higher.
“Often there are also conditions, restrictions, and overshoot, so the fine print should always be checked,” Stewart said. Owners will get a better premium if they can demonstrate that they run strict benchmarks.
Tailor your offering for ‘the new normal’
The outdoor space has skyrocketed to the top of tenants’ wish lists after being forced to spend so much time indoors. “Be sure to highlight gardens, balconies, roof terraces or proximity to a park on the listings,” Navot said.
With more people working from home, office space and fast, reliable internet may be more important than good transport links. Many have also bought pets for companionship during the confinement, so relaxing the rules about animals on properties could pay off.
Try to negotiate with tenants before trying to evict them
“Landlords need to be aware that if a lease is in trouble, they cannot rely on the courts for a speedy resolution,” Stewart said. The eviction ban has added to the backlog of cases the courts have to deal with and the NRLA has predicted that it could now take up to two years for landlords to get rid of problem tenants.
“Negotiation or mediation can lead to better and faster results for both the landlord and the tenant,” he added. Landlords who make agreements with tenants, for example to temporarily reduce the rent, should make sure they get the terms in writing.
