The eviction moratorium has been lifted in Nevada effective October 15, 2020. As a result, late payment notices and 7 day pay or quit notices are starting to be served. Of course, for Landlords experiencing a lack of rent, this is news they have been waiting for. For tenants behind on payments due to financial hardship, this is less than ideal. So, what solution can be offered?
Negotiation. Having a meeting of the mind is key. This is an opportunity for landlords and tenants to work together. The situation we all are facing is far from ideal and it is bringing on hardships that we haven’t seen in a long time for both tenants and Landlords. So, perhaps coming up with a mutual solution is the answer.
As a tenant behind on your rent, are you able to come up with a reasonable, monthly re-payment plan that would be agreeable to your Landlord? Since rent is not forgiven, it will eventually be owed. Perhaps coming up with a plan to make your Landlord whole is the answer. Don’t forget! Many landlords have mortgages that have to be paid and a lack of income can put a financial pinch on their monthly obligations. Or they may rely on the rental home you are living in as retirement income.
As a Landlord, are you able to negotiate with your tenant for a monthly re-payment plan? Perhaps writing up a promissory note that you and your tenant can agree to will make it a real possibility. As a Landlord, if your tenant has a financial hardship, are you able to work with them? While rent is not forgiven, are you able to settle for an amount? That, of course, depends on your personal situation and decision.
When negotiation happens, especially in this instance, late payments and evictions can be avoided. Of course, every situation is different and calls for its own solution. In the end, we all hope that this situation will ease soon and a sense of normal is restored.