What is a Rent Payment Plan?

Now, more than ever, it has become increasingly difficult for tenants to be able to pay rent on time because of COVID-19. As a result, requests by tenants for deferral of rent payments have increased. If your tenant can't pay rent due to the coronavirus pandemic, this document can be used to outline your terms for the deferral and repayment of rent. If you have questions about landlord/tenant relations during the COVID-19 pandemic, ask a lawyer or find more resources in our Coronavirus (COVID-19) Legal Center . Use the Rent Payment Plan document if: 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 Making a Rent Payment Plan can help landlords and tenants avoid conflicts by outlining clear rules for the repayment of deferred rent. 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 due to COVID-19, landlords should only enter into this agreement if they believe the tenant will make a good faith effort to repay the debt. Other names for this document: Rent Repayment Plan, Rent Deferral Agreement, Temporary Reduced Rent Agreement

Make your Free Rent Payment Plan

Now, more than ever, it has become increasingly difficult for tenants to be able to pay rent on time because of COVID-19. As a result, requests by tenants for deferral of rent payments have... Read more