Rent Repayment Plan
Rent Deferral Agreement
Temporary Reduced Rent Agreement
What is a Rent Payment Plan?
A Rent Payment Plan is a document that allows you to outline your terms for the deferral and repayment of rent. Rent Payment Plans can help landlords and tenants avoid conflicts by outlining clear rules for the repayment of deferred rent and can help both parties avoid an expensive and time consuming eviction lawsuit. This agreement will detail when the deferral period starts, the duration of the deferral period, the installment amount, and when installments are to be paid. The agreement also allows landlords to offer a discount on deferred rent in exchange for the performance of tasks like yard work or repairs.
While this document is intended to support tenants who have been unexpectedly laid off or furloughed, landlords should only enter into this agreement if they believe the tenant will make a good faith effort to repay the debt.
When to use a Rent Payment Plan:
- You are a landlord whose residential or commercial tenant can't pay rent.
- You have been asked by your tenant to defer rental payments because of COVID-19 and agree to this deferral.
- You want to set out the terms of the rent deferral and repayment.
- You want to temporarily reduce rent in exchange for help on the property.