Covid-19 is changing the way businesses run and that includes renters and their landlords. Leasing rules are less rigid than a few months ago. Renters used to love long-term leases because they could lock into a rate before it went up. But now landlords are trying to match their renters' needs. Starla Turnbo of SMI Realty Management explains. "Some folks are essential workers and nothing has changed for them. And about others, they don't know what's going to happen tomorrow."
Turnbo says landlords are cutting their possible losses by converting leases to month-to-month when necessary. "Everyone is being very flexible right now in the World of Rental. Whether it's an apartment or house - or whatever it is."
"It was a little bit of a security blanket if you could get a long-term lease and preserve a good rental rate. But now it's all very individualized." Turnbo sees landlords changing long-term leases into month-to-month agreements for tenants who aren't sure of their work future...and negotiating rates with others. Renters and Leasers are both exercising flexibility.
Turnbo advises renters to keep your landlord informed of your situation.