May 15th, 2020 - Weekly Update
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In the News
Property Tax Increase of 82%?! (not true for most)
If your rental is in  Salt   Lake   County , you may have received a letter from the  county  looking like this ( here ). 

The wording of the letter is a little confusing, so I wanted to help give clarity to what this means, and what to do to continue receiving the 45% tax exemption. We have had clients contact us very concerned that their taxes will be increasing. This is NOT the case, since you are doing long-term leases with full-time tenants.

First, the code describes that the exemption DOES apply to any property occupied by a full-time tenant. So, as long as we continue doing longer term leases, and not nightly (AirBnB), you are just fine and will continue to receive the exemption so long as you fill out the required exemption form. Here's a link to the state code describing the taxation and exemption ( HERE ).  

To continue receiving the exemption, fill out the form found at:   https://www.slco.org/assessor/new/resexemption/
You will simply need to provide the parcel # and pin provided on the letter.

If you need assistance completing this process, our team would be happy to assist.

If you did not receive a letter, it's either on its way, you have already registered, or it was lost. In which case I suggest you contact the  county  to request the exemption form: 385-468-8000. 
New Utah Laws Passed for Landlords
On May 12th, several bills were passed that went into effect and became law. As a part of the government affairs committee for the Utah Apartment Association, Nate Tew has seen the time and effort put into monitoring, shepherding and negotiating bills to make sure any impact on our industry is for the best. The following are new laws that impact our industry. 
  • HB 462 – Unlawful Detainer Amendments
  • SB 39 – Affordable Housing Amendments
  • HB 164 – Property Tax Modifications
  • HB 192 – Property Tax Assessment Amendments
  • HB 268 – Property Tax Notice Amendments
COVID-19 Update
On May 14, the Governor announced that most of Utah will move to the “Yellow, Low Risk Phase” of our pandemic response after May 15, 2020 (YAY!) There are specific guidelines for various businesses, including those in property management with shared facilities. Under the yellow phase, social gatherings may now take place in groups of 50 or fewer while maintaining social distancing.

Learn more HERE on what Yellow Phase means for Utah.
Keyrenter Resident Relief Fund
So far you have donated $4,100 in our Resident Relief Fund to go to our residents. Thank you so much for your generosity! You can see how we have given funds away so far by checking our tracking page from within the donation site . We will continue to monitor needs and appropriate funds as best as possible to our residents in need.
Delinquency & Leasing Updates
Rent Collection Report
So far in the month of May we are showing a delinquency rate of 5% . Here's a brief comparison from prior months on the same day.
  • May 14th: 5%
  • April 14th: 8%
  • March 14th: 1.9%
  • February 14th: 1.5%
  • January 8th: 2.6%

We are on doing better this month compared to April which is a great sign of improvement and is very encouraging. We are hopeful that June will also go well. Of course, if your resident is in the 5% of our portfolio that has not paid, this may be a difficult time for them and you and we are mindful and doing all that we can.
Nate's Investor Tip - A Winning Mindset
One of the 12 successful plays of successful landlords that I speak about often is to enter the game of owning rental property with a Winning Mindset. It's so crucial, and is often the reason some people fail at owning a rental. The foundation to this principle is to treat your rental like a business...because it is one. You should enter the game looking to win, with a strategy, just like any other business. One critical way people fail, is they cannot disconnect emotionally from their property. They tend to make rash, emotionally driven decisions, as well as respond to situations emotionally rather than logically. It can be difficult, especially for those who have lived in the rental prior. Having a Winning Mindset will surely get you into a winning position with your rental.
Have Questions or Concerns?
We're Here to Help
Whether you're a current client or not, Ryland has freed up her calendar and is available to connect with anyone looking for help or guidance during this time.