Federal Eviction Moratorium Extended To January 31st, 2021

Federal Eviction Moratorium Extended To January 31st, 2021


As we approach Christmas 2020, and New Year’s Eve, the biggest news item that everyone is talking about right now is that the Federal Eviction Moratorium has been extended to January 31st, 2021.

For renters, this provides them with another 30 days since the CDC eviction moratorium was scheduled to end on December 31st, 2020.

Extending the eviction moratorium by an additional 30 days only ‘kicks the can’ an extra 30 days because, unless the Federal Government approves another stimulus bill that cancels rent, while helping landlords at the same time, the eviction crisis resumes on January 31st, 2021.

Los Angeles Road

More Than $70 Billion In Back Rent Is Owed By U.S. Renters Nationwide

As of today, there’s a general hope that once Biden is inaugurated on January 20th, 2021, his administration will push through another stimulus bill that also includes rent relief as well.

Sadly, with more than $70 billion dollars in back rent owed by renters nationwide ($1.7 billion owed by California renters), it’s unlikely that Washington will be able to come up with a bill that satisfies both landlords and tenants.

Small ‘mom and pop’ landlords have been hardest hit during the eviction moratorium because they often rely on the cashflow from their rentals to fund their retirements. With no income coming in from their rental properties, many owners have had to use their savings to cover mortgages and with the money running out, foreclosures may be in the future for some landlords.

5120 W Olympic Apartment Building

Saying Goodbye To A Tough Year

Just about everyone has been hit hard in 2020 due to the Covid-19 pandemic so it’s no surprise that most people are ready for this year to end.

With the closure of 2020, there is uncertainty about the coming year as the Government will have to move fast if they are going to help renters, landlords and keep the economy propped up, while distributing the Covid-19 vaccine nationwide.

President-Elect Joe Biden has stated his willingness to pass a big stimulus bill once he’s inaugurated but with the possibility of facing a Republican-controlled Senate when he takes office this seems unlikely.

It may likely be difficult for Biden to accomplish his goals with the speed necessary to help the country, especially considering that the 2nd stimulus bill was just passed after more than 8 months of squabbling by lawmakers.

Regardless of what happens in 2021, you can count on us to keep you updated on the latest news affecting the rental market.

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Contact MW Real Estate Group

At MW Real Estate Group, we specialize in multifamily property management in the Los Angeles area.

Our team makes owning multifamily properties easy because instead of having to manage them yourself, you can count on us to handle all of the day-to-day aspects of management.

For more information about the services that we can offer you, contact us today by calling (213) 924-2117 or click here to connect with us online.

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