Renewed Covid related eviction moratorium will continue to hinder landlords and property managers, especially those with small property rentals, with continued loss of income. Adam Almeida, President and CEO of TenantScreeningUSA.com opines: “While the renewed eviction moratorium will continue to challenge landlords, laws governing tenant screening and evictions could continue to evolve and a best practice remains to work with a well-qualified third-party tenant screening agency, such as TenantScreeningUSA.com, in order to remain compliant with law and ahead of changing trends related to rental applicant vetting.”
In August of 2021 the Covid related eviction moratorium received an additional extension to October 3, 2021, causing considerable concern for landlords, especially those managing small properties, as the continued moratorium further challenges ongoing operations of these units. Adam Almeida, President and CEO of TenantScreeningUSA.com states: “The enduring Covid related moratorium will continue to challenge landlords, and yet as this ongoing crisis creates chaos for small property landlords a best practice remains to work with a well-qualified third-party tenant screening agency as a means of staying compliant with ever changing laws related to evictions and tenant screening.”
As the ongoing Covid crisis shows few signs of slowing small unit landlords are getting especially hit hard with loss of income. And with the latest extension of the eviction moratorium, challenges will continue to mount. With back rent mounting many small unit landlords are forced to sell their properties and lose supplemental income counted on for retirement.
From an article in the Beaumont Enterprise on August 19, 2021, one landlord describes his situation:
The latest moratorium “was the final gut punch,” said the 39-year-old, adding that he now plans to sell the apartments. “I have had this internal struggle going back and forth. I have lost sleep at night, and I have now come up with a decision to sell and walk away.” (1)
Almeida adds: “Small unit landlords are getting hammered with loss of rental income, primarily through rent in arears, but also with potential new renters. Many landlords are reluctant to rent out their units as they are unsure of the future with eviction moratoriums.”
Federal assistance has been slow to arrive for long suffering landlords.
From Politico.com on August 14, 2021:
Landlords are unsympathetic figures in the eyes of many struggling tenants, but they’re emerging as a new economic problem for Congress and the White House, after Democrats prioritized renters by pushing for the revival of the eviction ban earlier this month. The Biden administration has yet to find a way to accelerate the release of federal rental aid, meaning property owners will continue to be squeezed until the eviction moratorium expires Oct. 3 or is struck down in court. (2)
Almeida concludes: “Working with a well-qualified third-party tenant screening agency remains a best practice for landlords and property managers, especially during trying times such as these. Staying compliant with changing laws as well as remaining ahead of emerging trends will help ease the challenge of being a small unit landlord.”
TenantScreeningUSA.com provides full-service tenant screening for landlords and property managers of any size and can greatly assist in remaining fully compliant with all existing law governing tenant screening. With a highly trained and experienced staff, TenantScreeningUSA.com can provide help to landlords and property managers with all their tenant screening needs.
Notes:
(1) beaumontenterprise.com/business/article/Landlords-look-for-an-exit-amid-federal-eviction-16397688.php
(2) politico.com/news/2021/08/14/landlords-covid-eviction-ban-504472
