How Will COVID-19 Impact Lease Agreements?

The coronavirus epidemic has had a profound impact on most areas of life, including leases and other legal documents. As individuals feel the economic effects of COVID-19 through job loss, illness, or business closures, many people wonder if they can postpone rent payments. Others might want to extend a lease to avoid moving during this global pandemic. Explore the impact of COVID-19 on lease agreements to learn more about how to proceed.

Suspended Eviction Proceedings

The Tennessee Supreme Court has suspended eviction proceedings in the state because of coronavirus. This order will currently expire on April 31, 2020, but tenants could receive an extension depending on the trajectory of the virus in Tennessee and other factors. In addition, the city of Nashville has suspended evictions until further notice.

Landlords that have a mortgage backed by the federal government may not evict tenants for unpaid rent or any other reason until July 25 or later. In addition, if these landlords receive mortgage forbearance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, they may not evict tenants during the forbearance period.

Changing the Terms of a Lease

Individuals who expect an apartment lease to end before the statewide stay-at-home order expires may want to seek an extension. Those who do not want to renew a lease for an additional 12-month term or longer could ask for a month-to-month lease. However, this arrangement is at the discretion of the landlord and may result in a higher monthly rent payment. Individuals who do not want to renew a lease that they can no longer pay are safe from eviction until the city and state lift the eviction freeze.

Tenants who have no choice but to end their current lease or are planning to move after the COVID-19 restrictions are lifted should consider high-quality rental communities by HND Realty LLC. Our team has three decades of residential real estate experience and accreditation from the Better Business Bureau, Greater Nashville Association of Realtors, and other industry organizations. We specialize in apartments, as well as townhome, condo, and single-family home rentals. Call 615-297-7711 or contact us online today to learn more about desirable rental options in Nashville.

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