Nevada Eviction Moratorium Extended 45 Days

Nevada Governor Steve Sisolak announced on Monday 8/31 that the statewide eviction moratorium has been extended for another 45 days.

The move came just in time as the previous eviction moratorium was slated to expire today, September 1st, 2020, at 12:01 am.

About The 45 Day Extension

With the Governor’s eviction moratorium extension also comes an increase of $10 million dollars in rental assistance as well that will enable counties to pay out financial assistance to landlords, fund unemployment claims, and mediation programs.

During his press conference on Monday, Governor Sisolak also stated that tenants who have been affected by the Coronavirus Pandemic still had an obligation to pay their rents.

Hopeful That Landlords And Tenants Will Work Together

Like other Governors across the United States, Sisolak is hopeful that both landlords and tenants will come together to work out rental payment arrangements so that tenants who are struggling financially can pay their landlords some of the money that they owe them.

The new alternative dispute resolution will certainly help landlords and tenants agree on back rent that’s owed before landlords choose to start the eviction process.

Governor Sisolak also empowered Nevada’s Supreme Court to waive its 60-day requirement for creating new rules for dispute resolutions. This is expected to streamline the dispute resolution process in the court system, and that’s a good thing, because once Nevada’s eviction moratorium expires for good, mass evictions are expected in Nevada.

California Also Extends Their Eviction Moratorium

Lawmakers in the State of California also extended their eviction moratorium through January 2021.

This new eviction moratorium (AB 3088) doesn’t give tenants a free ride of 5 months without having to pay their rents, California tenants have to pay 25% of their rents during this period and sign a document which states that they have been hurt financially during the Coronavirus pandemic.

Is Extending Eviction Bans Like Kicking The Can?

Extending Nevada and California’s eviction bans has been called “kicking the can” by many people because lawmakers continue to push back evictions for a few months when in reality the problem just gets worse with each eviction ban extension.

Like tenants in Nevada, California renters still have to pay back rent that they owe their landlords dating back to the start of the Pandemic.

Will tenants in either state be able to pay their landlords the back rent that they owe them?

Are small, ‘mom and pop’ landlords who have houses for rent in either state going to be able to survive for another 30 days or more without collecting money owed for rent?

The answers to these questions will only be known with time.

As with any other property manager in San Diego or Nevada, we’re hopeful that local economies will improve and eviction cliffs can be avoided because with fall and winter fast approaching, nobody in the United States wants to see more people living on the streets.

Get Boutique-Style Property Management From GoldenWest Management

At GoldenWest Management we specialize in ‘boutique-style’ property management. This means that we provide personalized service for all of our tenants so that each tenant feels like they are our only tenant.

If you need property management, or you’re tired of your current property manager and want a change, contact us today by calling (866) 545-5303 or click here to connect with us online.

Nevada Rental Market Update – The Eviction Moratorium During August 2020

One thing that’s been on the minds of renters in Nevada is the current eviction moratorium. Unless Governor Steve Sisolak extends it again, the Nevada eviction moratorium will expire on September 1st.

There’s no denying that evictions are a major concern for Las Vegas renters, especially after the recent expiration of the CARES Act eviction moratorium. The CARES Act eviction moratorium, which expired on July 24th, was initially put in place to prevent evictions and foreclosures during the onset of the COVID-19 pandemic

Tenants are left wondering what the future holds for them, as the Federal Government has made no moves to extend their eviction moratorium for another 120 days.

Will Governor Sisolak Extend the Nevada Eviction Moratorium?

Could we see evictions in Nevada next month? Right now, the answer to that question is unclear. The Governor of Nevada hasn’t indicated that he wants to extend the state eviction moratorium as of August 6th.

The Nevada Legislature recently passed pandemic eviction protections which could postpone evictions for another 30 days after the current Nevada eviction moratorium expires in September.

If the Governor signs this bill, it would enable landlords and tenants to pursue mediation first, before the owner or property management company pursues eviction.

Without the pandemic eviction protections bill being signed by the Governor, the Nevada Courts system would likely be overwhelmed. The court processed the relatively low number of 45,000 evictions in 2019. The Nevada rental market in 2020 could easily see triple that number of evictions.  

What Comes Next for the Nevada Rental Market?

As we approach September, and subsequently the expiration of the State of Nevada’s eviction moratorium, it’s clear that nobody wants to see nearly 300,000 Nevadans evicted. Landlords in Nevada need the eviction moratorium to end. A lack of revenue due to unpaid rent means many Nevada landlords are facing foreclosure. This means that we could see a foreclosure wave hit Nevada at the same time as evictions.

Want More? Contact GoldenWest Management

For more information about the Nevada rental market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online.

What Can Las Vegas Landlords Do to Help Their Tenants?

With the Las Vegas economy shutdown since early March, landlords in Las Vegas are feeling the economic effects of coronavirus since it’s estimated that 30 to 40 percent of Vegas residents are unemployed and may be unable to pay their rents.

The big question is what can owners do to help their tenants while the lockdown persists and the economy is paused?

In this article, we will answer this question and provide tips for how owners can survive the coming months until people start going back to work, and businesses start getting back to normal.

Landlords Should Contact Their Lenders Immediately

One of the most constructive things that landlords in Las Vegas should do right now is to contact their lenders to see if they qualify for forbearance, if they will be unable to make their April mortgage payments.

If a landlord can make their April payments, they should still consider refinancing their existing loans anyway to take advantage of historically low interest rates, or applying for a home equity line of credit (HELOC) for one or more of their rental properties.

Refinancing, or applying for a HELOC, will enable landlords to potentially have access to cash that they can use for building cash reserves which will enable them to have a financial “buffer” to weather the coming months.

Communicate with Tenants

Since evictions are suspended in Nevada until the Governor’s recent emergency declaration is lifted, landlords in Las Vegas should do everything they can to work things out with their tenants.

Tenants should be encouraged to pay their landlord some money now towards their rent while agreeing to catch up and pay the remaining balance over up to 12 months.

Landlords should also encourage their tenants to utilize the programs that are available to them including unemployment. If the tenant is a taxpayer, they should be made aware of the pending Federal Stimulus payment that they will be receiving within the coming weeks as well.

Contact GoldenWest Management

To learn more about the Las Vegas Rental Market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here.

What Are Landlords and Tenants Supposed to Do About Rent?

In the last 30 days, coronavirus has been responsible for changing the economy and rental market across the United States because most people who were renting before coronavirus, and working steadily, are now laid off and may be unable to pay their rents.

This is a problem that every city in the United States is facing right now, especially in cities like Las Vegas that rely heavily on the tourism industry.

Even though landlords and tenants may face difficult times ahead, some solutions can be utilized to help them make it through the coming months.

We’re All in This Together

During a recent interview, HUD Chairman Dr. Ben Carson said that both landlords and tenants are going to have to work together to make it through the coming months as coronavirus has affected everyone in some way.

What does this mean? Tenants should contact their landlords immediately if they are unable to pay their rent and work out a payment plan so that they can pay the landlord some money now, while deferring the remaining balance on their rent over 12 months.

Every Situation Will Be Different

Every tenant’s situation is going to be unique following coronavirus, there may be some tenants who will be able to go back to work next month while others may not be able to work for another 6 months.

Landlords should be willing to work with their tenants to come up with the best solution for them that will help them to make it through the coming months.

What Should Owners Do with No Revenue Coming In?

Owners should contact their lenders immediately if they are unable to pay their April mortgage to see if they qualify for a forbearance, or they should pursue one of the other ways to build cash reserves that we mentioned in our previous blog post.

Many people are projecting that Coronavirus could last until June so every owner must take action now and be willing to work with their tenants while they focus on building cash reserves so they can survive the coming months.

Rental Market Projections for The Next 60-90 Days

At GoldenWest Management we project that 20% to 30% of tenants will not be able to pay all or a portion of their rent while there may be tenants who are unable to pay rent and will want to turn in their keys to their landlords.

April and May are going to be tough months for owners and tenants for sure, we hope that coronavirus will be gone by June and the economy will be back on track but that may not be the case if the virus lasts into the summer months.

We encourage both owners and tenants to stay on top of what’s happening by following our blog and other trustworthy news sources like local city news or information from organizations like the Department of Housing and Urban Development.

For questions about what’s happening in the rental market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or connect with us online.