02 Mar End of the Federal Eviction Moratorium: What Happens Now?
As life slowly begins to get back to normal nationwide thanks to vaccinations, we’re seeing Covid-19 cases decrease in many cities. This is encouraging news for everyone, including landlords, because it means that people are going back to work and are able to pay their rents again as before, but the big question is what happens once the Federal Eviction Moratorium ends on March 31st?
In this article, we will offer you some insight into what we can expect once we reach the end of the Federal Eviction moratorium.
Looking Ahead To The End Of The Eviction Moratorium
Under the Federal Eviction Moratorium, renters who have fallen behind on their rent due to the Covid-19 pandemic must submit a signed declaration to their landlords stating that they are facing financial hardship because of Covid-19 and are unable to pay their rents.
Once the Federal Eviction Moratorium goes away on March 31st, it’s likely, the Biden Administration won’t wait long to do something to protect tenants in the form of another extension of the eviction moratorium or offering additional financial assistance to renters that they can use to cover their back rents.
Tenants who have been relying on the Federal Eviction moratorium won’t be left out in the cold once it’s expired though because the State of California’s eviction moratorium was recently extended until June 30th, 2021.
The extension of the State’s eviction moratorium isn’t a free pass for tenants; to benefit from the extension of California’s eviction moratorium, tenants must pay 25% of their monthly rent to their landlords.
Financial Assistance Coming For Landlords And Tenants
Both landlords and tenants have been hit hard during the Covid-19 pandemic. Thankfully, 2021 is shaping up to be the year that both landlords and tenants get back on track financially following devasting financial losses both parties have experienced during Covid-19.
Financial assistance is coming for tenants in the form of SB 91, a rental assistance program that will allocate $2.61 billion to help tenants plus another economic stimulus bill will also certainly help tenants who have been struggling financially due to Covid-19.
Financial Assistance is also going to be available for landlords in March thanks to State and Federal programs so it’s likely that there’s going to be a lot of money both ways to help landlords and tenants get back on track.
Contact MW Real Estate Group
At MW Real Estate Group, we specialize in multifamily property management for the Los Angeles area, to learn more about the property management services that we can offer you contact us today by calling (213) 924-2117 or click here to connect with us online.