When canceling the lease contract and moving out, tenants first contact the management company. Generally, it is necessary to notify one to two months in advance, and it is possible to cancel before the expiration of the contract period. When the management company receive the notice of the cancellation of the contract, we will start listing for rental first with "vacant schedule" in order to find the next tenant.
The busiest period for renting in Japan is moving to April and planning for international students to go to university from October. If the time is missed, the demand for moving will drop significantly, so we will continue to seek rent until the next high season.
Another problem all over the world is the decrease in rent due to the decrease in sales and income due to Covid-19. In the case of commercial real estate, sales have been affected significantly, and because the Japanese government has not yet completed payment of special benefits, there are many calls for a reduction in rent and a grace period. With the demand for new rentals being extremely low, having tenants continue to move in will make landlords to receive more rent throughout the year.
With regard to residential rentals, the number of people requesting a reduction in rent has increased due to a decrease in income. Those who are doing business as individuals are in a very difficult situation with a decrease in sales and a decrease in income. When such a contact is received, we will immediately report it to the landlord, consider the best measures and take the best way for both parties.
We sincerely hope that the situation will improve soon.
Arrows International Realty Corp.