rent resolutions for a weak economy

Many commercial tenants encounter financial challenges during a weak economy and some will have trouble keeping their rent current. Retail tenants are among the first businesses to suffer when the economy becomes fragile, as most people typically reduce their expenditures on just about everything ex...

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Bibliographic Details
Published inJournal of Property Management Vol. 74; no. 2; p. 32
Main Author Muhlebach, Richard
Format Trade Publication Article
LanguageEnglish
Published Chicago Institute of Real Estate Management 01.03.2009
Subjects
Costs
Economic crisis
Financial statements
Guidelines
Leasing
Property management
Provisions
Retail stores
Shopping centers
Site planning
Tenants
United States > US
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Summary:Many commercial tenants encounter financial challenges during a weak economy and some will have trouble keeping their rent current. Retail tenants are among the first businesses to suffer when the economy becomes fragile, as most people typically reduce their expenditures on just about everything except for essentials. During an economic crisis, some national retailers will announce store closures and a few will file for bankruptcy. As property managers, their typical response to tenants who cannot pay rent on time is to work with them for a only short period of time. If the problem persists, it may be easiest to replace the tenant. As a property manager, you can develop non-direct monetary and direct monetary solutions for tenants who are struggling during a weak economy and a depressed leasing market. The non-direct monetary solutions are usually permanent while the direct monetary solutions are typically temporary.
ISSN:0022-3905