Why A Landlord Is Giving His Tenants 3 Months Of Free Rent [VIDEO]

A New Jersey landlord has received an outpouring of praise from local officials and his state governor after he canceled all rent for his tenants for the next three months.

David Placek, the managing partner of BDP Holdings and a father of three, owns several rental properties in Montclair.

He canceled rent for all his tenants in March when New Jersey began issuing stay-at-home guidance.

Placek wrote to his tenants “We hope to reduce your stress and anxiety by waiving all rent due for the months of April and May.”

Since then, Placek has extended rent cancellations through June. His tenants now don’t have to pay rent until July 1.

“Those who responded to me were appreciative of the gesture,” he said.

New Jersey Gov. Phil Murphy, who was very well pleased with Placek’s kindness, thanked him publicly during one of his daily press briefings.

Gov. Murphy said “Certainly not every landlord is in a position to do the same, but David exemplifies the spirit we need to see right now. ”

Placeck is forgoing about $50,000 in rent.

He said he hopes that his story resonates with landlords who have the ability to do something similar, that they hear his story, and have an open dialogue with their tenants.