Thank you for taking this step to manage your upcoming rent payments. We understand the stress associated with a loss of income or financial difficulties.
Unfortunately, there is no playbook for how to handle a financial crisis during a pandemic. This process will require us to work together to create reasonable solutions.
Currently, a rent concession would take the form of a reduced payment, with the difference divided and added to the following months.
The industry standard for rent-to-income ratio is 1 to 3. That means the combined income of all tenants should be equal to or greater than three times the monthly rent amount. In reality, many people pay more than this toward housing costs, although every situation is unique. Therefore, if you or your household have lost income due to the coronavirus response, it may be in your best interest to restructure your rent payments.
While completing the following, please consider your current financial situation. We understand that circumstances can change. All we ask is that you make your best determinations. Please understand we aren’t trying to add to your burden. Rather, we have legal and fiduciary responsibilities we must uphold.
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