Speedhome landlords offer tenants RM 135,000 worth rental relief

Speedhome has announced that the landlords will be giving out in total RM135,000 worth of rental relief.

In the past month, about 10 percent of Speedhome tenants had requested for rental relief.

Amongst the group of tenants that received relief, 70 percent of tenant occupations are freelancers, self-employed or small businesses, and the remaining 30 percent of tenants have shown that their income was badly affected by almost non-existence commissions/allowance.

For those requests that were declined for relief, the majority were because they are employed in a profession where their income was not directly affected or because they had a subpar rental payment record.

Wong Whei Meng, chief executive officer,  further pointed out that it is worth noting that majority landlords and tenants are from different races, yet it didn’t stop them from lending a helping hand when help is needed the most.

He added,”We also found that the number of people who chose to terminate the contract early in April also increased by 10 percent, mainly because the tenants can no longer continue to pay the rent. In addition, there are also many foreign expats who have already early terminated their tenancy, to head back to their home country.”

At the same time, Speedhome rental data also showed that compared with the past six months, the number of people who did not pay rent on time increased by as much as 20 percent.

The company also predicts that under the impact of the new crown epidemic, default tenants will increase by 3 to 5 percent.

“For the tenant that has difficulties in paying their rent on time, it is best to keep an open communication rationally. After all, it is the owner’s prerogative to extend the relief,” said Wong Whei Meng.

“During this MCO period, we witnessed an 80 percent drop in transactions, we believes that this is only a temporary problem.”

“Due to the basic needs of accommodation, as long as the MCO is lifted, people will continue to work, and the demand for the long-term rental market remains strong, in spite of the short-term rental prospects under pressure, Speedhome’s transaction growth is intact,” he added.

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