Thanks to a recent report from Fox 5 Vegas, we know that an estimated 300,000 Nevadan’s could face eviction in September.
The state of Nevada isn’t alone, eviction moratoriums across the United States are ending right now, or are scheduled to end in September and the result is expected to be mass evictions unless something is done immediately to help landlords, tenants or both at the same time.
Landlords Have Been Largely Ignored During The Pandemic
Sadly, even though we’ve been going through a Pandemic that’s adversely affected renters across Nevada, landlords have received little to no attention during this crisis.
In Nevada, California, and other states, the general feeling about landlords is that rent can be canceled for a few more months and landlords should be able to just deal with it.
What most media outlets aren’t talking about is the large portion of “mom and pop” landlords in Nevada, and nationwide, who rely on the monthly rent for their retirement incomes and have collected little to no rent since March.
At last count, tens of billions of dollars in rent have not been collected from tenants nationwide, and once the eviction moratoriums end, it’s unlikely that most tenants will be able to get back on track financially with their landlords and pay them the back rent that they owe.
What Comes Next?
As of July, some landlords nationwide have chosen to forgive their tenants back rent since they can show that loss on their taxes. For other landlords, it’s not been so easy. If smaller landlords are not able to collect rent soon, we could see a wave of mortgage defaults along with evictions in California.
We hope that more will be done at a Federal and State level to help landlords and tenants immediately because we could soon see a financial crisis that’s worse than what occurred in 2008.
Contact Blackbird Realty And Management
To learn more about what’s happening in the Nevada rental market, or to speak with us about our property management services, contact us today by clicking here.