Can Landlords in St. Louis Missouri Recover from the Eviction Moratorium?
At its core, the Eviction Moratorium granted by Congress in March 2020 was intended to provide relief to tenants unable to pay their rent. What started out as a three-month plan ended up being a series of extensions that caused millions of households to rack up a pile of debt in unpaid rent and landlords to face financial crisis.
The latest attempt from the current Administration to extend the moratorium to October was blocked by the Supreme Court, putting an end to the eviction ban that has been in an effect for nearly 18 months. Now that the moratorium has been lifted, can landlords recover financially? What options do landlords have for selling rental properties?
What is the Eviction Moratorium?
The eviction moratorium provided immediate relief for households who are currently behind on their rent and who were at an increased risk of eviction after the COVID-19 pandemic began. An extended moratorium was granted when the Delta variant of the Coronavirus emerged.
While the eviction moratorium was a Federal initiative, each state carried out the rent relief plan differently. In Missouri, the last moratorium extension had the following provisions:
- Prevents renters in communities experiencing a substantial or high level of community transmission of COVID-19 from being evicted for nonpayment of rent
- Protects renters for up to two months, from August 3 to October 3. Renters lose protections under the moratorium once their community is no longer experiencing a substantial or high level of community transmission
- Requires renters to provide their landlord with a signed declaration form to be covered. Renters who previously submitted declaration forms are not required to do so again.
- Does not relieve renters from their obligation to pay rent.
How Does the Eviction Moratorium Affect Landlords?
There are several ways in which the Eviction Moratorium has affected landlords in St. Louis, Missouri over the past 18 months:
Legal Penalties
Landlords have had their hands tied legally. Any landlord found violating the eviction moratorium was subject to criminal penalties, including fines and jail time. Violations were prosecuted by the United States Department of Justice. An individual landlord who violated the order received a fine of up to $100,000, one year in jail, or both.
Several Months of Unpaid Rent
The average monthly rent in the U.S. is just under $800. When multiplied by 18 months, many tenants now owe thousands of dollars in unpaid rent. While it is true that landlords can now file claims against tenants to recover past rent, the chances of it actually happening are slim. Many landlords will be forced to count it as a loss instead of going after tenants legally.
Finding Qualified Tenants
With millions of tenants facing eviction and financial crisis, landlords will have an uphill battle finding qualified tenants who can pay rent consistently each month. Many tenants will turn to smaller or cheaper properties with lower rents, leaving many landlords without a pool of qualified applicants to choose from.
Foreclosure or Bankruptcy
Without a steady stream of revenue each month, many landlords now face the threat of foreclosure or bankruptcydue tof late mortgage payments. While the government has provided some relief, lenders are applying economic pressure to landlords. Many property owners will have no choice but to file for bankruptcy or give their rental houses up.
Sell Your Rental House Fast in St. Louis, Missouri
If you are a landlord who has been hit economically by the eviction moratorium, and you can’t hold on to your property, you may be looking for a way out. Instead of letting your rental house go to foreclosure or filing for bankruptcy, you may be able to sell your house fast in St. Louis, Missouri.
Klamen Real Estate Group can buy your rental house as-is right now, relieving you of the financial burden and mental stress of trying to sell or keep your property. Our proven system for selling your rental house is simple.
Step 1: Contact Us
Call Klamen Real Estate Group or fill out the contact form to schedule a quick walkthrough of the property. Don’t worry about making any renovations or repairs or even cleaning the house. We buy houses as-is. Feel free to ask any questions or express your concerns. We are happy to discuss your situation.
Step 3: Get a Fair Cash Offer
If our buyers like what we see, we’ll make a fast cash offer at just under your house’s current market value. In most cases, we can offer as little as 24 to 48 hours after seeing the property. When you work with Klamen Real Estate Group, you’ll get a fair offer for your house.
Step 3: You Get Paid
If you accept our offer, you can schedule a closing date that is convenient for you. We pay all closing costs and fees. You simply show up, sign the papers, and get paid. When you work with us, selling your house in St. Louis has never been easier. Get started with us today!
Sell Your House Fast to Klamen Real Estate Group
Selling your house can be easier than ever when you sell your house for cash to Klamen Real Estate Group. We offer a simple, no-cost solution that helps you get out of your mortgage or sell your house regardless of your situation. To find out more about the benefits of selling your house for cash, call (314) 721-6800 and get a fast cash offer.