Home > Blogs > Cedric (Ced) Reynolds > Ced's Life With a Pay Plan Blog

What do renters do? Do they get Rent Modification?

By Cedric (Ced) Reynolds

Services for Real Estate Pros

February 18, 2009 01:33 AM

The watch word for the last year has been "Loan Modification." But what about the poor renter who's in financial trouble? What about the person stuck in a lease? Perhaps a new watch word may be showing up, "Rent Modification." I know this might sound a little strange but there really are people who have been overcharged for rents because their landlords have raised their rents as a result of their loans being increased for whatever reason.

Should help for renters be compared to help for home owners? Am I barking up the wrong tree? I just happen to know a few people who do rent who are in a tough place because of their landlords dilemma.

Love to get your thoughts on "Rent Modification."

Ced

Re-Blog

Comments(9)

Comment

Show All Comments

Sort:

Vickie McCartney

Maverick Realty - Owensboro, KY

Broker, Real Estate Agent Owensboro KY

Hi Ced~ Seems like they could only raise the rent when it is renewed. Hey, if it is costing the landlord more, it only makes sense he would have to raise the rent. The renter will have to take it up with the landlord and hope to keep the cost controlled, or else find a more affordable place. The goverment needs to stay out of it, period!

Feb 18, 2009 01:41 AM

Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

Supply and demand! It's going to be a landlords market more and more. At some point, aren't we going to let things alone? How about a Auto loan Mod? Grocery bill mod? Travelocity mod....for heavens sake...this is a monumental disaster....leave the economy alone!!! Washington is heading out on a ledge I doubt we can come back from for decades....I think we are witnessing the begining of the end for our country as we know it. This time period will be studied for centuries....

Feb 18, 2009 01:42 AM

Cedric (Ced) Reynolds

Covina, CA

(909) 263-4569

Karen, thanks for your point of view. Certainly something to make one think.

Vickie, you make some wonderful observations. Thanks for your comments.

Feb 18, 2009 02:50 AM

Leslie Prest

Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ

Owner, Assoc. Broker, Prest Realty, Payson,

But what about the property Owners? Is it fair to make them take less rent than the market will bear? I've had a few people suggest to me ;ately that since rental Owners must be well off, they should give the tenants breaks. No, many Owners are getting hit by the economy, too.

I saw a post about the stimulus bill which listed 1.5 billion for "rental assistance"- not sure how that will be disbursed- but evidently there IS some money in there for renters. We'll just have to wait and see. Meanwhile, we are talking to tenants about downsizing, if they can.

Feb 18, 2009 05:51 AM

Prest - this whole thing is a nightmare. I guess the best thing is for everybody to make more money. Problem solved.

Feb 18, 2009 06:20 AM

Jay Williams

Greenville, NC - Greenville, NC

Mortgage Loan Officer - Getting You The Right Loan

Ced, the new Housing Affordability and Stability plan is targeting $1.5 billion in relocation and other forms of assistance to renters displaced by foreclosure.

Details to be announce around March 4th.

Don't know about ordinary renters, good question.

Jay

Feb 22, 2009 09:51 AM

Jay,

This is good information to know. i know some folks who live in apartment complexes owned by corporate giants who don't seem to be offering any assistance to those dispiaced. Not that they are required to. Just thought that those people in tough financial situations not caused by their foolishness might benefit if there was a plan in place to help them.

Thanks again Jay,

Feb 23, 2009 12:54 AM

Eileen Begley

Coldwell Banker, DelMonte - Carmel, CA

Monterey Real Estate

Hi Ced; I had a property mgmt company for years so laughed at the title of your post! Once when vacancies were really high and we had to drop rents, we also dropped rents for several of our tenants. That totally blew them away. No help for the poor renter directly. But in my area and others probably, there are more homes available now so rents are dropping.

Mar 04, 2009 02:34 PM

Robert Machado

HomePointe Property Management, CRMC - Sacramento, CA

CPM MPM - Property Manager and Property Management

If the rent is too high the tenant should try to negotiate a lower rent or move. The governement does not need to be involved.

Mar 08, 2009 11:21 AM

What do renters do? Do they get Rent Modification?

Comments(9)

Cedric (Ced) Reynolds

Real Estate Resources

Recent Posts

Additional Information