Just as many restaurants and other businesses in the U.S. have started to open back up, the “new” COVID-19 Delta variant is picking up steam – leaving many to wonder when or if the pandemic will ever end. With new lockdowns in Asia and Australia, it is likely just a matter of time before the United States will follow suit.
As of late July (2021), the U.S. Supreme Court refused to lift the moratorium on evictions that had been imposed by the CDC in 2020, in response to the original COVID-19 pandemic and the resulting job (and income) losses for millions of renters.
The moratorium defers – but it does not cancel – the obligation of tenants to pay rent. In any case, though, with reduced or no incoming cash flow, it can be difficult for investment property owners to make good on their own expenses, such as monthly mortgage and utility payments, property insurance, and maintenance costs.
The CDC (Centers for Disease Control and Prevention) has also updated its guidance for multi-family housing, as well. This type of property includes apartments, condos, townhomes, and fourplexes. Because of the close proximity of the residents, multi-family housing can increase the risk of exposure to the virus (and this can be particularly dangerous for those who are elderly and/or disabled).
Operating residential rental units can be time-consuming in any type of economic environment – and staying up to date on the latest housing-related legislation can also be tedious. So, if you would like to ease up on these efforts – along with handing off the tasks of finding and managing tenants, collecting rent, and responding to emergencies – partnering with an experienced property manager can be a viable solution.
If you own rental housing in Orlando and/or the surrounding Central Florida area, we should talk. Give CFL Property Management a call at (407) 429-4834 for more information, or visit our website at https://cflpropmanagement/com/contact-us/. We look forward to hearing from you.