Unemployed Tenants of Homes for Rent Get Relief
Tenants of homes for rent need not worry too much about losing their home when they lose their money. A lot of homeowners and renters are getting unemployed. As a result, people are unable to pay their home mortgages and their rent. This would result to foreclosure and eviction. In Connecticut, this situation can be prevented, especially for those who are occupying rental homes.
Northland is one of the pioneers of this effort to protect renters from being kicked out of their homes for rent. Through the Rent Assurance Program, renters can leave their rental homes when they are unable to pay for it anymore. This lets tenants get out of the trouble of having to pay for the rent when they lose money involuntarily, like when they lose their jobs.
According to Diane Yensen, Northland’s apartment division head, renters now need not worry about leaving an apartment and worrying about lease once they lose their job. This program is a sign that the rental market has improved and has continued to remain strong in spite of the economic recession. In Connecticut, there are around 1,700 rental units.
Under laws in Connecticut, landlords are not allowed to set fees for termination that other owners of rental homes in other areas can do. In Northland, rent ranges from $750 to $3,500 every month. Typically, tenants sign a one-year lease.
Occupants of homes for rent in the area are already registered in the program. However, as of now, there are no takers of the program. No one has availed of it yet. Eligible for the program are new renters and those who are renewing their renter’s lease.
It is believed that this program will benefit not only those renters who lost their jobs, but also homeowners, and the economy as a whole. It would help a renter, and it would help landlords. Experts and organizations are in fact expecting that this program would increase occupancy, and not lower it. At this time when nothing seems sure, people are getting more careful in making a new decision, especially about their houses. Now, there can be more people attracted to getting homes for rent because of this new program.
