Have you ever had a resident fall WAY behind on the rent?

We occasionally hear stories about people falling behind on rent by hundreds and even thousands of dollars. Some landlords allow a few months to go by, and then demand payment or otherwise eviction will happen. 

This can happen for a number of reasons. Some falsely expect that a government or subsidy program will step in to help the renter catch up. While other landlords may get busy, overwhelmed, or have some disorganization that leads to poor tracking of rent payments. 

Regardless of the reason, it is important to understand a few things about unpaid rent:

1. Subsidy programs or emergency assistance often will not come to the rescue, especially if the renter falls behind by more than a month. 

2. It is in everyone's best interest to address unpaid rent right away. Options include setting up a payment plan that helps the renter get caught up over time, negotiating a joint termination of the tenancy, or filing an eviction, if necessary.

3. Have a system in place (even if it is just a spreadsheet) to track rent payments and a standard process to communicate when the rent is late (create templates of letters you can use regularly to increase efficiency.