More than two-thirds of the independent landlords surveyed by the National Association of Independent Landlords say they would offer to reduce rent to keep tenants and one-third say they have already done so in the last 18 months.
Of those who are willing to cut the rent, 61 percent would reduce it by 5 percent while 29 percent would cut it by 10 percent, the survey of 500 mom-and-pop landlords reported.
“Landlords today understand what’s going on. They don’t want an empty home any more than a renter wants to be asked to leave,” says Tracey Benson, president of the association.
More than 50 percent of independent landlords expect the market to continue to underperform and are renovating their properties to woo tenants, the National Association of Independent Landlords reports.
Of those doing fix-ups, more than 75 percent are sprucing up their properties to attract new tenants, while 42 percent say they are renovating to keep existing tenants.
Most of them are concentrating on low-budget improvements, the association says. Popular improvements include new carpeting, fresh paint, and minor improvements in the kitchen.
Source: The Wall Street Journal, National Association of Independent Landlords
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