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How Landlords & Tenants Should Navigate Rent Relief

Posted by Samantha on April 24, 2020
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As both owners and tenants try to navigate rent relief during these unprecedented times, the Newton Needham Chamber organized a panel discussion to provide guidance on rent relief negotiations.  Panelists included Jay Peabody, Partner and Chair of the Real Estate practice at Partridge, Snow & Hahn, Allison Fleet, Associate at Partridge, Snow & Hahn, Jesse Baerkahn, Owner of Graffito SP, and Elizabeth Holmes of RW Holmes Realty.

Key Takeaways from the discussion:

  1. Tenants and Owners need to work as a partnership rather than a negotiation.  Both sides need to work together to reach the common end goal of recovery and long term success of their businesses.
  2. Tenants should be prepared to share information such as the impact of COVID-19 on their business, their financials, and what efforts they’ve already taken to obtain available government relief.
  3. Owners need to first and foremost speak with their lenders and insurers before initiating conversations with Tenants.
  4. Confidentiality is key.  Owners need to ensure Tenant’s information is kept confidential and Tenants need to confirm they won’t share information on their rent relief with other Tenants.
  5. Utilizing your security deposit can be one quick option for tenants looking for immediate rent relief. 

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