Personally unemployment insurance does not cover my rent. It’s enough to stretch out savings dramatically, but saving on food budget would then be even more important. Especially if you’re considering cashing in some 401k stocks in a down market.
It's extremely unlikely your landlord is going to be able to rent it to someone new in the foreseeable future. Most landlords are highly leveraged and need income.
Make an offer to cut it in half and see if they bite.
I own several rental properties, and I’ve already told my property managers that I’m receptive to rent reductions - less rent still beats an empty property. Any landlord who expects to get through this without a reduction in income is just delusional.
I don’t know what it is, but it seems commercial landlords would rather have an empty property than accept market rent in a down market. I saw a lot of that in the last recession.
I suspect that the managers of REITs and partnerships that own most commercial property worry that accepting lower rent would make it harder for them to delude their investors into thinking their property values haven’t tanked. “We appraise this property based on a rental income of $5k/mo, it’s just between tenants right now”
I think it's sometimes because they see the value of future higher rent after a void is worth more, in straight up cash value, than accepting lower rent with a long term commitment.
I've seen it for years: Empty shop buildings, a glut of local businesses wanting to rent them, but they are kept empty until some chain willing to pay double turns up a year later. For the landlord, it's worth waiting if that will be the outcome.
