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To continue assisting those most affected by the pandemic and to stem the spread of COVID-19, the Center for Disease Control and Prevention extended the eviction moratorium until July 31, 2021. This order prevents tenants from being removed from their homes on public health grounds and was first ordered in September 2020.
If you are a landlord with a current tenant, what does the extension of the eviction moratorium means for you? We have a few suggestions on what you can do. Right now, you most likely fall under one of these three categories:
1. Retain
If your tenant remained financially stable throughout the pandemic and paid rent on time, you belong here. You have good tenants, and the eviction moratorium doesn’t affect you. Here are a few ideas that can help you keep your current tenants:
- Give them a discount
A monthly discount of $100 or $150 will be cheaper than having your current renters vacate your property and spending time looking for a new tenant.
- Upgrade the property
See what can be upgraded or modernized in your property, such as new fixtures or new appliances. Making upgrades will both increase the value of your property and motivate your tenant to stay.
- Gift cards or annual passes
Extend goodwill towards your tenants by giving them gift cards or yearly passes to a local attraction.
Doing the tips above will encourage your tenants to stay and continue renting from you.
2. Manage
For landlords who received rental payment sporadically, the end of the eviction moratorium may affect you. Here are a few things you can do:
- Have an open meeting with your tenants and tell them they need to pay regularly moving forward.
- Check with your local government and see if you can claim any stimulus money to pay for past-due rent.
- If you want to keep your current tenant, negotiate a payment scheme for back rent. One suggestion is that you'll waive past due rent if they sign a new lease with you with a slight increase.
These are suggestions if you want to keep your current tenants. If you would rather replace them with new renters, read on.
3. Replace
If your tenant hasn't been able to pay rent and is being difficult, this might be the best solution. Replace your current tenant as quickly as possible once the eviction moratorium expires. Here’s what you can do:
- First, if you have not received any rental assistance money, call an attorney. An attorney might be able to help you file a claim and they can also assist you with the eviction process.
- If you can afford it, offer your current tenant money to move out if they leave the property quickly and in good shape. Once they move out and the property is in good shape, pay the money you agreed on.
Look back at your experience since the pandemic started and decide what category sounds most like your situation. Depending on which category you’re in, follow the suggestions above to get ready for the end of the eviction moratorium.
Learn more about rental property management services on Illume Property Partners.
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