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Category Archive : Market Updates

Las Vegas, Nevada

VICI Properties Purchases Multiple Las Vegas Strip Hotels and Casinos for $4 Billion

LAS VEGAS, NV – According to recent reports, VICI Properties, a real estate investment trust specializing in casino properties based in New York City, has agreed to purchase several Las Vegas Strip hotels and casinos from seller Las Vegas Sands for the whopping price of $4 billion, which many experts see as a huge vote of confidence in the economy of the tourism-dependent city to bounce back quickly after the COVID-19 pandemic.

The deal, paid in cash, includes the real estate for the Venetian Resort Las Vegas, the Sands Expo and Convention Center, and the land underneath the MSG Sphere, which is expected to open in 2023. Once the deal is completed, this will put VICI in possession of the largest hotel complex in the country – over 7,000 rooms – in addition to its largest convention and trade center – 2.3 million square feet – as well.

Apollo Global Management is slated to acquire the operating business and lease the property from VICI for $250 million per year, reports say.

In all, VICI Properties will be the owners of 99 acres of Las Vegas property, with call rights on another 28 neighboring acres. Currently, the company owns 28 casinos and four golf courses in America.

Many experts are calling VICI’s decision to make such a large purchase a “bold move,” especially right after one of the worst years that Las Vegas has ever experienced due to the economic impact of the ongoing COVID-19 pandemic, which costs thousands their jobs and caused many businesses, casinos, and hotels to close. Clearly, experts say, VICI is confident that Vegas will bounce back quickly and that tourism – the lifeblood of Las Vegas – will return to its previous successful 2019 level sooner rather than later, similar to how the famous “roaring twenties” were born out of the pandemic of 1918.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Young Couple

Nevada Landlords Pushing Back Against New Proposed Bill That Gives Tenants More Time for Evictions

LAS VEGAS, NV – According to reports, a new proposed bill that would give Nevada tenants more notice before evictions can take place is receiving pushback from groups representing landlords who claim that it would decrease the state’s already low amount of affordable rental housing, in addition to causing yet more hardship for struggling “mom-and-pop” landlords who are already feeling the financial crunch due to ongoing eviction bans.

The bill, AB141, is sponsored by Assemblyman Howard Watts (D-Las Vegas), and if passed it would require landlords to give some long-term tenants two or three months of prior notice (depending on how long the tenant has lived there) before a “no cause” eviction can take place; under current rules, a landlord only has to give 30 days’ notice. A “no cause” eviction is when a landlord decides to evict a tenant for any reason, as opposed to a case where they have violated the rules of their lease agreement or not paid their rent.

Another aspect of AB141 is that it would automatically seal the records of anyone evicted during the ongoing pandemic, which is expected to begin happening en-masse when both state and federal eviction moratoriums run out at the end of March (unless they are extended). In other words, prospective new landlords would have no way of knowing if a new tenant had been evicted from their previous home or apartment for non-payment of rent.

“Assembly Bill 41 really is aimed at preventing homelessness,” Watts said. “As a result of the pandemic, Nevada is on the cliff of a major eviction crisis.”

AB141 does not change the process for a “summary eviction,” which is when a tenant needs to be quickly evicted due to non-payment of rent.

Realtors and the state apartment association have argued against the bill, claiming that government further intruding upon their business would most likely result in many landlords – many of whom are small, low-income mom-and-pop operations – selling off their rental units at a time when more are sorely needed in the region. Current eviction bans, landlords say, are costing them $15 million per month in Clark County alone.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Property Hijacked

Continuous Eviction Bans Leave Small-Time Landlords Feeling Properties “Hijacked” With Full Backing of Government

LAS VEGAS, NV – Throughout the ongoing COVID-19 pandemic, nearly all corners of society have been feeling the economic pinch as jobs have been lost and businesses closed, leaving millions without the means to provide for basic needs such as food and shelter. Numerous eviction bans – both on the local and federal level – have helped people remain in their homes and apartments instead of being turned out on the street, but at the same time these measures have simply served to transfer the hardship from one party to another… in this instance, landlords.

Currently, Nevada has two active eviction bans in place; a federal one, recently extended by President Joe Biden, and a statewide mandate put in place by Governor Steve Sisolak, with both due to expire at the end of March, unless yet another extension is granted… which could very well happen.

A recent editorial has shined light on the plight of landlords during this period, many of whom are small mom-and-pop operations without major financial backing… just average people struggling to make ends meet, who feel that their personal property has essentially been “hijacked” by the government during the pandemic.

Joe Gelman is a former Las Vegas resident who, years ago, moved to Virginia but kept his Vegas property as a rental; in June of this year, he informed his tenant that he would be selling the home to help pay for college for his children. At that point, the tenant cut off communication and stopped paying rent and other fees, forcing Gelman to dig deep to cover the expenses himself to the tune of $950+ a month.

When Governor Sisolak’s initial eviction ban ended in October, Gelman successfully had his tenant evicted, but upon appeal – and a new national eviction ban put into place by the Centers for Disease Control and Prevention – the tenant was allowed to remain in Gelman’s home – which he is not even allowed access to, let alone to inspect – rent-free, where they remain to this day.

The government is prohibited from taking private property for public use without “just compensation” via the Fifth Amendment, but Gelman said that he feels that his property “has literally been confiscated” from him, and he doesn’t know what to do about it.

“Basically, the property has been hijacked with the full backing of the government,” he said. “There has been no consideration as to my rights as owner of the property at all. This is clearly unconstitutional. I’m going to be out thousands of dollars. All I want is my property or to be compensated for my property.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Luxury Home in Desert

Experts Predict the Las Vegas Luxury Home Market Will Continue to Heat Up In 2021

LAS VEGAS, NV – According to recent reports, the Las Vegas real estate market will continue to gain momentum throughout the upcoming year, but its hottest aspect will remain its luxury home sales, which are expected to flourish throughout 2021.

With traditional social activity curtailed by precautionary measures put into place by the ongoing COVID-19 pandemic, more and more people are looking to deal with the concept of the “new normal” by renting and purchasing homes that give them more space to spread out than a traditional abode offers.

Reports indicate that the purchase of large-scale, luxury homes in many regions in the United States, but especially in Las Vegas, reached a fever pitch during 2020, and that trend seems poised to continue – and possibility elevate further – during 2021 as COVID continues to be the driving force until vaccine rollout efforts result in eventual herd immunity.

Reports indicate that, in 2020, 313 luxury homes valued at $1 million or more closed, which represents a 26.7 percent increase from 2019, when 247 were sold. In addition, sales of homes that were valued less, but still considered in the “pricey” range – up to $750,000 or so – jumped by 11.7 percent in 2020.

Meanwhile last year, sales of homes costing $1 million or more saw a jump of 38 percent in 2020 over 2019, and the available marketplace for homes of that caliber continues to shrink as inventory becomes less available due to demand.

The Las Vegas regions continuing the most luxury sales in Las Vegas during 2020 – and likely to continue into 2021 – are the Southern Highlands, The Ridges in Summerlin, MacDonald Highlands and Seven Hills in Henderson, reports say.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Homebuyers

Increase In Remote Working Creates New Real Estate Trend As More Personal Space Desired

LAS VEGAS, NV – According to reports, the constant restrictions being put on public space by the ongoing COVOD-19 pandemic have resulted in homebuyers desiring more and more personal space in their real estate purchases to counteract this unusual trend in the marketplace.

For example, California resident Aaron Franklin eventually decided to leave his diminutive one-bedroom residence in Marina del Rey for a much more spacious and affordable home in Las Vegas that included many amenities that his Californian home did not, such as a tennis court and swimming pool. The deciding factor? Affordability concerns born out of the COVID-19 pandemic and a desire for more elbow room, he said.

“I was working out of a living room,” Franklin said of his stay in Marina del Rey, noting that now that he is in Vegas he has “a dedicated room for doing all my meetings and videos, and my wife has her own room.”

Remote working has remained a major factor in requirements among buyers throughout the COVID-19 pandemic, especially when children are concerned; after all, having additional space is especially attractive when you have one – or more – little ones running around and threatening to intrude on a random video conference call with your boss. And when taking online school into the equation, having more room to spread out takes on an even greater urgency, most regional transplants say.

“Since COVID’s happened, I don’t need to be there anymore,” Franklin said of his decision to relocate from California to Las Vegas. “I was paying essentially $3,000 a month in rent for a one-bedroom apartment there, and I just bought a house here (Las Vegas) that’s about $300 less a month.”

Franklin said the 3,000-square-foot home he purchased with his partner has four bedrooms, and is a “massive upgrade in space” and allows them to finally host guests and have a dedicated work space that they didn’t when they were Californian residents.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Building a New Home

12 Common Misconceptions About Building a New Home by Industry Experts

LAS VEGAS,, NV – With the competitive landscape of the current housing market, many homes are facing bidding wars and selling for well over asking price. In fact, in 2021 there will be a record number of new homes built – the most since before the housing crash of 2008. If you can’t find a home you like, you should consider building a new home. Builders will often customize the home to your preferences, so you can add that home office or luxury bathroom. The process of building a new home can be complicated and overwhelming. That’s why Redfin asked industry experts (new home builders and real estate agents) to share the most common misconceptions around building a new home and the truth behind them.

1. Assuming Your Designer Knows Exactly What You Want

The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design 

2. You Won’t Need A Home Inspector

When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction.  Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed.  I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc., and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Realty

3. Custom Equals Expensive

Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes

4. Building Is Extremely Difficult And Time-Consuming 

Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders

5. Construction Will Progress Flawlessly And Without Hiccups

The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular 

6. Using Price Per Square Foot To Compare Custom Builders

Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes 

7. A New Construction Home Is Overwhelmingly Complicated

With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders 

8. Thinking You Won’t Need Representation

New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty

9. Underestimating The Skill Required To Design And Build Modern Homes

Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials.  The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail.  Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects

10. Building A New Construction Home Is A One-person Show

A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc 

11. You’ll Save Money Not Using A Real Estate Agent

One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for.  You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. -Ryan Fitzgerald – Uphomes 

12. That A Custom Build Will Be Less Expensive And Happen Quickly

When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards. It has your signature touch and hopefully has design elements that make it special to you.  But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty 

Lexi Klinkenberg of Redfin contributed to this story which was originally published on The Redfin Blog.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Virtual House Hunting

The New Normal: Las Vegas Real Estate Tips for Virtual House Hunting In A “Seller’s Market”

LAS VEGAS, NV –  The single most significant purchase one may make in their lifetime is a home. With that being the case, it may seem unusual that often times, this purchase will be made without ever setting foot inside the property, but in today’s “new normal” ushered in by the ongoing COVID-19 pandemic, it’s something more and more people are doing.

According to Las Vegas Weekly, in 2020, 63 percent of the homes sold in the United States were sold without the buyers ever having seen them in-person, which represents a unique development in the real estate industry; generally, this is attributed to random instances such as buyers from outside the region. However, more and more Las Vegas real estate agents are giving prospective buyers tours of properties via video; some of them are forced to do so out of heath COVID-related worries, but many are also due to the popularity of Southern Nevada real estate with those looking to take advantage of its affordability.

For example, one real estate agent recently gave a video tour of a Vegas home to a military couple stationed in the Middle East who were hoping to secure a residence in anticipation of returning to the United States.

It continues to be a “seller’s market” in Las Vegas, despite the pandemic and its resultant recession; the reason for this is low interest rates on home loans combined with and affordable cost of living and a small amount of inventory on the open market. The result is a competitive marketplace for properties – with regularly raising prices – that people are willing to circumvent conventional real estate processes for.

That said, buyers should be reminded to not rush into a perceived good deal too quickly; be judgmental of any and all pictures you may be presented with, and always question anything you may be wary of; it’s better to get these potential issue settled in the here and now than saddle yourself with a home you may regret for the next decade.

Always remember – it’s expected to remain a competitive “seller’s market” in Las Vegas in 2021, and with desirable properties getting purchased fast, it still makes sense to learn everything you can about a property – even if it’s virtually, before quickly snapping it up.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Tony Hsieh

Family of Late Entrepreneur Tony Hsieh Lists Nearly 100 of His Las Vegas Properties on The Open Market

LAS VEGAS, NV – According to reports, much of the Las Vegas real estate empire amassed by late entrepreneur and former Zappos CEO Tony Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area. Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

Representatives of the family have filed dozens of notices with Clark County District Court, with the properties in question slated to go to the “highest and best bidder,” with all transactions being cash only, representing hundreds of millions of dollars.

Properties up for grabs, reports say, are located around downtown’s Fremont Street area and include Zappos Headquarters – which he originally purchased for $65 million – as well as retail and food complexes Downtown Container Park and Fergusons Downtown, among many others.

However, the estate’s lawyer, Dara Goldsmith, noted that it is possible that not all of Hsieh’s properties would be sold, as the notices filed with the court allow for the “possible future sale” of the real estate in question.

“The estate may retain certain properties and sell others, or it may retain all of the properties,” she said. “Once the publication process is complete, the estate will consider reviewing serious, written offers.”

For 20 years, Hsieh – who had a net worth of hundreds of millions of dollars – headed up retail giant Zappos, selling the retailer to Amazon in a $1 billion-plus deal in 2009; he had retired as its CEO in August 2020. He is credited by many as being a central figure in the revitalization of Downtown Las Vegas.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Strip

TPG Real Estate Finance Trust Acquires 27.2 Acres on Outer Edges of Las Vegas Strip from Triple Five Group

LAS VEGAS, NV – Mortgage lender TPG Real Estate Finance Trust has recently acquired 27.5 acres of prime real estate along the north and south edges of the famed Las Vegas Strip, according to recent reports. TPG acquired the property from Triple Five Group, according to Clark County records, through a “deed in lieu of foreclosure,” which typically involves avoiding foreclosure on a piece of property by the transfer of ownership.

According to reports, it’s assumed that the new property owner TPG – who is a lender, not a developer – will attempt to sell the property, as opposed to developing anything on it. The property sits upon one of the most desirable areas in Southern Nevada- a major tourism district located directly across from the currently under-construction Resorts World Las Vegas.

Experts have cast further doubt on TPG potentially developing the property themselves due to the many construction issues presented by the ongoing COVID-19 pandemic; more than likely, TPG will attempt to coincide a potential sale closer to the time where there is at least some sort of projected end of the pandemic so that buyers can plan for a return of mass tourism to Las Vegas.

The seller, Triple Five Group, is a conglomerate based in Edmonton, Alberta, Canada, which specializes in shopping malls, entertainment complexes, hotels, and banks, along with 3 indoor amusement parks. The company owns and operates two of North America’s largest malls, the West Edmonton Mall in Alberta and the Mall of America in Minnesota, both of which contain a wide variety of entertainment attractions alongside traditional retail.

According to their website, the buyer, TPG Real Estate Finance Trust is a balance sheet lender that originates first-mortgage loans greater than $50 million in primary and select secondary markets throughout the United States.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Editorial credit: Jonathan Weiss / Shutterstock.com

Fate of Las Vegas Strip-Based Fontainebleau Resort Still Up in the Air; More Recently Known As “The Drew Las Vegas”

LA VEGAS, NV – According to reports, the long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – may have finally garnered a new lease on life after it was re-acquired by its original developer and changing hands several times over the years.

Remaining a vacant development for a number of years after declaring bankruptcy during the crash of the economy in the mid-2000’s, the megaresort project has remained an unfinished eyesore amid the ongoing COVID-19 pandemic and a mute testament to the previous economic hardships endured by Las Vegas before it’s resurgence in recent years.

Koch Industries’ real estate wing, in conjunction with Florida developer Jeffrey Soffer, have joined forced to acquire the Fontainebleau property – more recently known as “The Drew Las Vegas” – according to a joint release put out this week. Soffer was once affiliated with the group that originally constructed the over 60-story resort in the mid-2000’s; one of many that entered into a state of limbo when the housing bubble burst during that period.

But unlike many developments started during that period of time, the Fontainebleau site has refused to give up the ghost, so to speak, remaining as a reminder of harsh times gone by.

The Fontainebleau’s new ownership have yet to publically reveal any details on their plans for the site; some are anticipating that the owners will revert the project back to its original Fontainebleau name, but so far any resumption of construction efforts has yet to be announced.

The 68-floor luxury resort, boasting almost 4,000 rooms and suites, is located near the Las Vegas Convention Center; construction on the $2.9 billion property had begun in 2007 by privately held Fontainebleau Resorts LLC, but was indefinitely halted two years later when the recession forced the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Stratos Brilakis / Shutterstock.com

President Biden Extends Mortgage Relief, Foreclosure Bans through End of June

LAS VEGAS, NV – Earlier this week, President Joe Biden extended three federal protection programs safeguarding homeowners in the United States throughout the ongoing COVID-19 pandemic that were on the verge of ending next month.

First, Biden extended a ban on home foreclosures for federally-backed mortgages until the end of June 2021, in addition to extending a mortgage relief program; the goal of these actions is to help stabilize the housing affordability crisis that has been taking place throughout the ongoing COVID-19 pandemic.

The moratorium on foreclosures was initially set to end on March 31, but has been extended until June 30; this is the second time he has extended this ban following his record-breaking number of executive orders since taking office on Jan. 20. Originally, before Biden took office, the foreclosure moratorium passed during the Trump Administration was set to end on Jan. 31.

In addition, Biden has also increased the enrollment window for mortgage payment forbearance – which allows homeowners who have active home debts to pause or reduce their mortgage payments – until June 30.

And finally, Biden added an additional six months where the federal government will allow borrowers to defer mortgage payments; however, those looking to take advantage of this act would need to have been enrolled in a forbearance plan by the end of last June, reports say.

The Biden Administration issued a statement after the President signed these acts, saying that the government is “committed to protecting homeownership and housing stability during the pandemic,” and that the President’s actions will directly benefit the 2.7 million homeowners currently in COVID forbearance and extend the availability of forbearance options for nearly 11 million government-backed mortgages nationwide.

The Biden Administration did not address the current eviction ban on rentals that is currently due to expire on March 31; however, a COVID relief bill proposed by the President – which has not yet passed through Congress –  would extend the eviction ban until the end of September.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Rent Reminder Sign

While Millions of Struggling Renters Rely on Eviction Moratoriums, Landlords Reaching the Financial Breaking Point

LAS VEGAS, NV – According to a recent CNN article, the extension of the federal eviction moratorium through the end of March 2021 was a desperately-needed lifeline for countless people struggling with financial hardship due to the ongoing COVID-19 pandemic. In addition, President Joe Biden is attempting to pass a bill that would extend that eviction moratorium even further; if his proposed relief legislation passes in its current form, that eviction ban would be extended to Sept. 30, 2021.

While this is helpful to renters who have lost their jobs – or had their income severely curtailed – by COVID, to countless landlords, the continued eviction ban extensions have been a living hell, as for these programs to work they alone must bear the financial hardship – in the form of unpaid rent – on their very backs, according to Bob Pinnegar, president and CEO of the National Apartment Association.

“It’s important to recognize that, after 10 months of severe economic distress, job loss, and decline in rent collections, everyone is hurting,” he said, adding that landlords are “saddled with the financial burden of providing housing to America’s 40 million renters without sufficient resources to do so, and they leave residents to accrue even more debt.”

The original federal eviction moratorium was due to expire at the end of December, but was given an extra month as part of the second COVID relief package; upon taking office in January, President Biden signed an executive order extending it to the end of March.

Ultimately, Pinnegar said that everyone wants the same thing – for people to be able to stay in their residences. However, he argues, eviction moratoriums are not the way to achieve that since they do not shield renters from back rent that is accrued over the course of the ban; once the ban ends, the renter will owe large amounts of back rent that they will likely never be able to fully repay.

In the meantime, landlords – especially small mom-and-pop operations without any financial backing whatsoever – are being forced to house their tenants without the benefit of monthly income, which is stretching some of them beyond the breaking point, Pinnegar said.

“They just kick the can down the road, jeopardizing housing supply, quality of the housing stock and affordability on the other side of this crisis,” he said. “Without rent, owners can’t afford maintenance or capital improvements necessary to preserve the units. If owners cannot pay these, they risk their ability to provide safe housing for residents altogether.”

In addition, some landlords are not able to meet their mortgage payments, putting many of them into risk of foreclosure.

Pinnegar is currently calling for large-scale rental assistance from the federal government to help all involved parties get by during the ongoing eviction ban; President Biden’s proposed COVID relief bill currently calls for $30 billion in rental assistance on top of the $25 billion in aid approved in the most recent $900 billion stimulus package passed in December.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.