Tenant asking for price reduction
Hi Everyone, I know that rental rates in the GTA have gone down substantially over the last few months.
Last week one of my tenants reached out as their lease was coming to an end and asked for a price reduction - we ended up coming to a number that worked for both of us.
Today, another tenant called me and asked for a price reduction also - she has been in the unit over two years - and has been great. She has been unable to find full time work in her field since COVID (she is a waitress). I know rates have gone down, and believe I should come back with about a 15% reduction. My question is, is there anything we need to do to in terms of paperwork? I don't believe a new lease is required as both tenants have been there over a year.
Are any of you dealing with the same situations? Are you giving reductions to your tenants?
Thanks in advance.
Last week one of my tenants reached out as their lease was coming to an end and asked for a price reduction - we ended up coming to a number that worked for both of us.
Today, another tenant called me and asked for a price reduction also - she has been in the unit over two years - and has been great. She has been unable to find full time work in her field since COVID (she is a waitress). I know rates have gone down, and believe I should come back with about a 15% reduction. My question is, is there anything we need to do to in terms of paperwork? I don't believe a new lease is required as both tenants have been there over a year.
Are any of you dealing with the same situations? Are you giving reductions to your tenants?
Thanks in advance.