In 2020, with the COVID-19 pandemic sweeping through the U.S., thousands of jobs were lost, and businesses closed, in turn, impacting the income of millions of people from coast to coast. In order to help ease the financial strain, the Federal Centers for Disease Control and Prevention (CDC) ordered landlords from evicting tenants for non-payment of rent (provided that the tenants met certain qualifications).
Originally scheduled to end on December 31, 2020, the deadline on this moratorium has been extended multiple times, with the most recent (as of July 1, 2021) being July 31, 2021. While this is intended to be the final extension, though, the moratorium has already had an impact on the income of countless rental property owners.
So, what does this mean for Florida real estate investors?
First, the moratorium does not release or forgive a tenant’s obligation to pay their rent. Therefore, upon the final deadline, landlords may require the tenant to pay some or all of the back rent payments that were due before and during the temporary halt.
In addition, it is still possible to evict tenants for reasons other than not paying their rent. So, if other rules in the lease are being broken, the eviction process may still proceed. Unfortunately, evicting a tenant can be a long and tedious process – and once an evicted tenant is out of the property, the vacancy needs to be filled in order to keep income flowing in.
If you own residential rental property in Orlando and/or the Central Florida locale, and you would rather hand off these tasks to a professional and experienced property management team, give Central Florida Property Management a call at (407) 429-4834 for more information. Or send us an email with any questions that you may have to https://cflpropmanagement.com/contact-us/. We look forward to making your life easier!
Sources:
CDC Eviction Moratorium. Community Legal Services of Mid-Florida. https://clsmf.org/cdc-eviction-moratorium