Nevada Eviction Moratorium ban hitting small landlords hard
Nevada Eviction Moratorium ban hitting small landlords hard
Are you a landlord in Las Vegas/Henderson, NV?
Do you have tenant(s) that are not paying rent? I have some useful info for you as a landlord in this blog post. The public has not really heard that there really is help for landlords, check out the links at the bottom of this page or if you want to cash out and sell instead then I am your girl. Contact Lauren Paris
It may be time to cash out your non-preforming properties. You could sell high while the demand is high. There are investors and some owner occupants that would be willing to inherit your tenant in place. I have programs like cash for keys that make it win/win and I have other creative options for my sellers, contact me.
I can assist you sell for top dollar and may already have a buyer for you.
The Nevada Eviction Moratorium was supposed to expire and has been extended multiple times. August 3rd 2021 the CDC issued an order reinstating the Eviction Moratorium again. This time the new date has been extended through Oct. 3 2021. Then every two weeks, the CDC will determine if a particular county has a high level of transmission and apply the moratorium or lift the moratorium in that county if, at that time, the county is classified as having a low level of transmission. They say that this moratorium gives tenants additional time for rental relief to reach those renters and to further increase vaccination rates.
But if you are a landlord there is help for you!!! Click (www.homemnv.org)
Mom-and-Pop landlords have suffered more than their share of these economic hardships since they have fewer resources than owners of multiple-unit developments and apartment communities.
According to a report, Nevadans who own between one to three local rental properties are most likely to have tenants who have not paid or been late in paying their rent during the pandemic, with 56% of these “mom-and-pop” landlords dealing with delinquent renters. The full report is available here. The research included a survey of 140 property owners and property managers throughout Nevada representing nearly 22,000 local residential units.
Highlights of the findings include:
• About 41% of all rental properties nationwide are owned by individual investors, or what the report classified as “mom-and-pop” landlords.
• According to research from the Brookings Institution, about 33% of these individual landlords have an income of less than $90,000 per year and rely on rent from their tenants for 20% of their annual incomes. “The research indicates that many of these landlords may simply lose their properties,” the NVR report found.
• Nevada landlords were forced to forgo an average of $422 per unit from the beginning of the pandemic in March 2020 through February 2021.
• That amount of missed rent was much higher for owners with only a few units, who missed out on an average of $1,870 in rent per unit during this time.
• In addition to reduced spending, state and federal eviction bans in Nevada have resulted in a loss of an estimated 1,430 full-time equivalent jobs and an estimated $39.1 million in associated earnings to date.
• Based on lost wages and economic output during 2020, the eviction ban in Nevada cost the state a projected $12.6 million in lost sales and use tax revenue last year.
• The tax hit could have been worse. Despite dealing with delinquent tenants, the report found that most landlords have continued to pay their property taxes.
Lauren takes her love for people and develops trusting relationships with her clients that has resulted in a lot of repeat business and referrals. Her down to earth style and humor help to reduce the stress inherent with buying or selling and her commitment to her clients is evident in the level of service they receive. Lauren is dedicated to serving your individual needs and will work tirelessly for you in order to achieve the best possible results.
