Small Property Landlords Continue to Suffer as Moratorium End Looms; Opines TenantScreeningUSA.com

WALTHAM, Mass., March 12, 2021 /PRNewswire-PRWeb/ --Small property landlords and renters alike will face further challenge with the potential cessation of the federal eviction moratorium on March 31, 2021. Adam Almeida, President and CEO of TenantScreeningUSA.com opines: "The hardship of income loss due to Covid for landlords as well as renters will continue after the moratoriums end, and landlords should continue to work with a third-party tenant screening agency, such as TenantScreeningUSA.com, in order to remain compliant with existing as well as potential laws governing tenant screening."

Boston Housing Authority extension on their eviction moratorium through the end of March 2021 highlights a looming nationwide challenge as related moratoriums end as well.

From WGBH.org on March 1, 2021:

The Boston Housing Authority has extended its non-essential eviction moratorium through the end of March, but some housing advocates say monthly extensions and legal loopholes doesn't provide enough stability for the city's 25,000 public housing residents. (1)

Almeida adds: "The private housing sector faces the same challenge as the public. When moratoriums end difficult challenges will have to be faced."

Some cities have already taken action in an attempt to quell the fiscal impact on renters and landlords.

From the New York Times, on February 6, 2021:

Cities like Los Angeles and Philadelphia have been trying to remedy this by moving to cash assistance programs. The California Legislature recently passed a bill that extended the state's eviction moratorium and will use up to $2.6 billion in federal rental aid to help clear back rent. The legislation allows tenants to apply for rental assistance by submitting documents like bills and school registrations, instead of a formal lease, as many other city and state rental assistance programs require. (2)

But the impact on small property landlords remains significant.

From Time.com, discussing the plight of small unit landlords, on February 18, 2021:

On social media, the looming eviction crisis is often rendered in Dickensian caricature: greedy fat-cat landlords pushing vulnerable tenants into the street amid the worst health crisis in a century, while activists demand that the government "cancel rent" entirely. The reality … is more complicated. More than 70% of properties with four or fewer rental units aren't owned by fat cats at all, according to the National Association of Realtors, but rather people …: mom-and-pop landlords who often live nearby; manage the property themselves; and rely on the rental income to pay their own mortgages, health care bills and monthly expenses. Almost half the nearly 49 million rental units in the U.S. are owned by individuals, who tend to offer more affordable housing in their communities than the billion-dollar conglomerates that build high-rises with marble counters and rooftop pools. (3)

"In the end," Almeida concludes, "it appears likely that additional legislative action will occur and landlords of smaller properties should take immediate note. Working with a third-party tenant screening agency should remain a best practice in order to remain compliant with new and existing law."

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)    wgbh.org/news/local-news/2021/03/01/boston-housing-authority-extends-eviction-moratorium-though-march-but-advocates-say-crisis-still-looms
(2)    nytimes.com/2021/02/06/business/economy/housing-insecurity.html
(3)    time.com/5940505/housing-crisis-2021/

Media Contact

Dan Adams, Tenant Screening USA, 877-811-6557, [email protected]

SOURCE Tenant Screening USA