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.


Please enter your comment!
Please enter your name here

Latest News

Bank Muamalat Approved 83% SME Payment Assistance Applications

With Covid-19 surge currently being experienced by the country seeing no sign of abating, many SME's who were already struggling during MCO...

Weekend Golf Getaway in Horizon Hills and Ponderosa

With Covid-19 looming, overseas travel is far and beyond anyone's wishes at the moment, but for frequent travelers keeping oneself locked up...

Coach Inspired By NYC Skyline

This holiday, Coach is updating its seasonal collection with the joyful release of its Coach 2020 Holiday Collection – the designs are...

Maxis Makes Top Management Changes After CTIO Departs

Maxis is seeing major changes in its top management, starting with the departure of its Chief Technology and Information Officer (CTIO), Morten...

Preparing for post-pandemic opportunities

Businesses in Malaysia must begin planning and preparing now to be able to leverage the opportunities that come with the eventual post-pandemic...

Must read

4 reasons why customer experience is the key to success

Vincent Tang, Regional Vice President, Asia, Epicor "Customer service" and "customer experience" are often used interchangeably. But there's a...

Deloitte report finds Malaysia among regional leaders in digital life adoption

An extensive survey conducted by Deloitte across age groups in eight countries in South and Southeast Asia showed that consumers aged between...

Malaysia needs to brand its startup ecosystem as one of world’s best, says KJ

Khairy Jamaluddin, Minister of Science, Technology and Innovation, said the country’s entrepreneurship ecosystem was on par with the world’s best, but Malaysia...

How today’s technology is key to industrial and manufacturing sector business continuity in a post-Covid-19 world

By  Dr. Ravi Gopinath, Chief Product Officer AVEVA , How the world does business was changing before the outbreak...