I wanted to follow up on my own statement here. It's a shitty time to be a renter, too. So many lost jobs in this area, so many people who are not able to pay the rent. Yeah, that's tough on landlords, but imagine being the renter who has to tell the landlord that they don't have the rent money because they've lost their job. It's humiliating on top of already being humiliated because you can't support your family. All my leases are one year, and then everyone goes monthly. At the one year anniversary of renting from me I give every one of my renters a "rent free month" card with the instructions that they can only use it in the event of the loss of their job and provided they were actively looking for a new job. I've had a few use those cards this year. When they do I immediately meet with them and figure out what kind of rent is possible to expect from them, and how we can work together to ensure they have a home and whatever else they might need.
Some call me too soft, but my renters never fuck up my properties, they're honest with me, and everyone comes out a winner. Had one guy with a wife and three kids who lost his very specialized job due to downsizing and economy shifts. He couldn't pay for three months. He did find another, decent job eventually, and he's paid me back rent without me asking for it (I wouldn't have). He's paying a month and a half at a time until he's made up the three months he didn't pay.
I think it's entirely worth bending over backwards for your renters.
