COVID-19 - Rent's Due: Tenants seek relief, Landlords seek security.
Landlords and tenants across the Province of Ontario are equally panicking about monthly rental payments as COVID-19 spreads its devastating wrath around the world.
The economic implications surrounding this virus have forced many businesses to lay off employees or scale down to "skeleton staff" to keep businesses afloat, leaving both landlords and tenants in quite a precarious position.
While small to mediums sized landlords and renters alike look to the Province for direction, Ontario's Premier, Doug Ford, laid down the law and stated "If you are able to pay your rent bill, pay it. Landlords and buildings owners have bills too". But what happens to Teresa Tenant that has always been on time with her rent but has been laid off due to COVID-19? The Province has advised landlords to show some compassion to tenants and have unequivocally stated that there are to be no evictions during the pandemic.
If a tenant finds themselves in a position where they are unable to pay rent, they should immediately notify their landlord. While not all landlords are able to defer their mortgage payments, due to how many mortgages they currently hold, they may be in a position to defer a portion of a tenant's rental payment to a later date. The portion of the deferred rent is still owed to the landlord, and if not paid at a later date may warrant a Notice of Non-Payment of Rent to be filed with the Landlord and Tenant Board, to be heard after the pandemic passes.
If you require further information about rental deferrals, contact my office today for a consultation.