If your tenant stopped paying rent, it can feel like the end of the world for a landlord. For every month that your property sits empty, you are out hundreds or thousands of dollars. It is important to keep up your cash flow in the face of adversary.
Whether a tenant is behind on rent or breaking other conditions of the lease, it may be necessary to start the eviction process. The legal expenses and the loss of income can add up, advises https://www.rentrescue.com, and you do not want to be on the hook for those additional costs.
Tenants Who Skip Town
Some tenants may abandon their lease and leave you both with an empty place and sometimes additional property left behind that requires disposal and professional cleaning. When you have an empty apartment without warning, it can be difficult to have a quick turnaround.
Tenants With Hardship
Not all situations are from tenants who intentionally leave you in the lurch. Occasionally, you may have tenants who end a lease early due to military deployment or drastic life change. In these cases, you may have a few months before you can fill the property again.
No matter the reason, it is important to have insurance to protect you from lost revenue.