Our rental properties are commercial (credit union, major brand phone store, and a national restaurant chain). Because they are commercial, I get that the typical deal is different. Our agreements are that the companies are charged a certain amount per month for a certain number of years. After that period is up, the rent goes up by a certain percentage. If they stay through that period, the rate goes up another percentage. This is all agreed upon up front. In cases where we own the land but not the building (2 out of 3), we get to take the building if they ever default.
The restaurant did not pay full rent for several months after COVID shut down our local restaurants, but as things opened up, they began to pay the full amount plus began reimbursing for rent not fully paid during that time period. We’ll see what happens as COVID continues to surge.
If we did own residential, we would not raise the rent, particularly for people who have been paying on time previously. If they couldn’t pay at all due to COVID, we’d have to think about what to do. Certainly we wouldn’t put someone out on the street, but of course landlords cannot go indefinitely without being paid. It’s a terrible time for both renters and landlords imo.