How Does Rent Abatement Work?
Have you ever been in a situation where you can't pay your rent? Maybe you've lost your job, are still recovering from the impact of COVID, or dealing with an unexpected financial emergency. Whatever the reason, if you can't pay your rent, you may be able to get some relief through a process called rent abatement.
In this guide, we’ll explain the process of rent abatement in commercial real estate and multi-family residential real estate.
What Is Rent Abatement?
Rent abatement is a legal process that allows tenants to stop paying rent, or to pay reduced rent, for a period of time. In most cases, rent abatement is only available if the tenant is experiencing financial hardship, or if there are problems with the rental unit that make it uninhabitable.