Problem of Leak

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    Problem of Leak

    One of my rental properties has had a leak and caused damage to various rooms. My insurance company has agreed to pay me for the repairs but my tenants are complaining about the inconvenience and want a reduction in rent. I really like my tenants and don't want to lose them but I don't want to lose out on rental income as I rely on this to pay my mortgage. Does anyone have advise on this?

    #2
    If you can't afford to reduce the rent, you can't reduce it.
    So say no to a reduction - there's not a whole lot they can do about it.

    If they owned the property, the inconvenience would be the same and no one would compensate them.

    I don't blame them for asking, but if it's not possible it's not possible.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      I think it depends how inconvenienced the tenants really are. If, for example there are now rooms that are largely unusable then I think you should give them a rent reduction. If its mainly cosmetic damage then probably not as long as you don't drag your feet over the repairs. If you are really operating that close to the margins of financial viability then I think you have a bigger problem. What happens if they go and you have a void period? What happens when the mortgage rates eventually go up?

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