CRA property manager reports four to five late tenant rents; barber shop tenant deposit to be retained
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Summary
Jim Nardi of Advanced Asset Management told the CRA on Oct. 7 that the rent-collection grace period ends Oct. 7 and about four or five tenants were late; a barber shop that moved out in March owes January and February rent and the agency's attorney recommended retaining its deposit.
Jim Nardi of Advanced Asset Management gave the board a tenant update on Oct. 7, saying the day was the last day of the grace period and that "there's probably 4 tenants that owe rent, maybe 5 tenants" as of that morning.
Nardi told the board most late payments were for October rents and that many tenants typically pay between the first and seventh of the month; he said several late payments were likely already in the mail. He added that none of the late tenants, to his knowledge, planned to move out.
On a separate issue, the barber shop tenant that moved out in March still owed January and February rent. Nardi said the agency had retained the deposit, and the attorney's office had drafted a letter to support retaining the deposit.
The board did not take formal enforcement action at the meeting; Nardi said staff would continue follow-up to collect outstanding rents.