Smaller landlords say they're 'drowning' amid eviction ban

For rent sign.
(Image credit: Justin Sullivan/Getty Images)

"Mom and pop" landlords, who run a majority of properties in the United States, are taking a larger hit than their more sizable counterparts as a result of the pandemic-related federal eviction moratorium, and they're growing increasingly frustrated with the government response, Politico reports.

Jay Parsons, a rental housing economist at property management software provider RealPage, told Politico that data he's analyzed show that "the smaller the property, the lower the rent collections." He noted that buildings with fewer than 100 units have markedly lower collection rates than larger properties.

For instance, Matthew Haines, a Dallas property owner, owns three apartment buildings with his wife that have fewer than 100 units and average rents between $780 and $950 per month for a one-bedroom. Typically, after overhead, the couple brings in about $32,000 a year from the buildings, but since the coronavirus took hold in the U.S. early last year, Haines told Politico they've accrued $250,000 in debt after rental payments slowed. He said they had to take $50,000 out of their personal savings to keep one of the properties going without laying off any of their 10 employees. "We're doing everything the right way," Haines said. "But we're drowning."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The eviction moratorium has come to the forefront in recent weeks, as Democrats pushed President Biden to extend the deadline to protect renters who can't afford to make their payments. The Centers for Disease Control and Prevention eventually did just that, though the constitutionality of the extension is questionable (a federal judge upheld the ban as it awaits ruling in higher courts). The White House's goal, however, is to use the legal to process to allow time for the administration and state governments to distribute rent relief, Axios notes. Read more at Politico.

To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us