In 2018, a local landlord hired us to help him with his rental properties. When we took over, the properties were 50% vacant. Half of the tenants were behind on rent. We brought empty units into rentable condition and listed them right away. Meanwhile, we sent out intent-to-evict notices to all delinquent tenants. We were expecting delinquent tenants to move out voluntarily or through courts, as it usually happens with tenants that are way behind on rent. The tenants, however, got current on their rent in one lump-sum payment to try to keep their home and were on time with rent ever since.
One month after we took on the project, the vacancy rate was still high, but the delinquency rate dropped to 0%. By enforcing the lease terms we were able to get the landlord all back rent, thus relinquishing the landlord from being in financing business.
It took another 8 months to fill the vacant units and for the landlord to enjoy 100% occupied property with well-screened tenants and 0% delinquency.
