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Category Archive : Rentals

Man Thinking

Nevada Landlords Set to Experience More Financial Burden Due to Eviction Ban Extension

LAS VEGAS, NV – According to reports, the recent extension until June 30 of the COVID-19 federal eviction moratorium issued by the Centers for Disease Control and Prevention (CDC) spells three more months of relief for tenants, both in Nevada and nationwide. But the eviction ban extension also means three more months that many local landlords will be forced to endure a lack of income, in some instances from people who are fully able to pay their rent but instead are gaming the system and taking advantage of the laws meant to protect those who are financially impacted by the ongoing pandemic.

While the law states that tenants are still responsible for the back rent that accumulates throughout the moratorium, many landlords are worried about people who may owe them thousands of dollars simply packing up and moving on once the ban is finally lifted, and with no way of contacting them to arrange payment, said Danielle Gallant of Guardian Realty, a Las Vegas property manager.

“If a tenant decides before the moratorium is lifted to vacate the house without any notice, they’re gone,” she said. “You have to be able to know where they physically live to send them a demand letter to serve them.”

Throughout the COVID-19 pandemic, many tenants who have experienced financial ruin have been protected from homelessness by the state and federal eviction bans; however, according to the Nevada State Apartment Association (NSAA), an equal number of people have been taking advantage of the bans to simply avoid having to pay rent, despite being able to afford to do so. And this reality is proving to have a devastating effect upon landlords, many of whom are small mom-and-pop operations who are struggling to get by day-by-day themselves, according to NSAA rep Susy Vasquez.

“We are starting to struggle, mom and pops for sure. I know many of them are facing foreclosure and that will definitely impact the housing dynamic in Nevada,” she said.

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.

Sisolak

Sisolak Extends Eviction Moratorium Until the End of May; CDC Extends Federal Ban Until End of June

LAS VEGAS, NV – Las Vegas landlords received a double-whammy of bad news as Nevada Governor Steve Sisolak announced a controversial extension of the state’s COVID-19 eviction moratorium until the end of May, prefaced by the Centers for Disease Control and Prevention (CDC) one-upping Sisolak by extending their respective eviction ban until the end of June.

“Originally, I did not plan on extending this moratorium today, but I’m not going to put thousands of Nevadans at risk of losing their homes while funding exists to help them and the landlords,” Gov. Sisolak said upon the lengthening of his eviction ban.

Sisolak’s announcement followed a new directive by the CDC, which extended their federal eviction moratorium until June 30; this was announced two days before their previous ban was set to expire on March 31.

CDC Director Dr. Rochelle Walensky signed the extension at the last minute, citing the extreme financial toll that the ongoing COVID-19 pandemic has taken upon many tenants throughout the United States since its inception last year.

“The COVID-19 pandemic has presented a historic threat to the nation’s public health,” Walensky said. “Keeping people in their homes and out of crowded or congregate settings — like homeless shelters — by preventing evictions is a key step in helping to stop the spread of COVID-19.”

However, the CDC moratorium is not automatic; it only applies to those who make less than $100,000 a year who can prove that they have been negatively impacted by COVID-19 and that they have no other options for shelter.

If a tenant fulfils all of those requirements, they are required to present a signed declaration to their landlord to qualify for protection under the moratorium; however, this does not absolve the tenant from any back rent that they may owe, which will come due when the eviction ban finally comes to an end.

Clark County has money available to help those who are behind on their rent, known as the CHAP program.

While both the Nevada and CDC eviction moratoriums are a boon to tenants who are suffering financially under the pandemic, the announcement is yet another setback to landlords nationwide who have been suffering under the mandate of having to essentially provide free room and board since the beginning of COVID-19 in this country, and it remains to be seen if they will be forced to shoulder yet more of the financial burden with additional eviction ban extensions in the near future.

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.

Air Bnb

Las Vegas Airbnb Booming Once Again as Vacation Rentals in Southern Nevada Surge

LAS VEGAS, NV – According to reports, rental services such as Airbnb and VRBO are noticing a huge surge in their businesses in regards to locations in the Las Vegas Valley, as vacation rentals are experiencing a massive come-back on the heels of the ongoing COVID-19 pandemic.

One individual who maintains 45 rental properties in the area – 24 of those being short-term rentals – noted that he as of the month of March seen a 200 percent increase in rental activity; previously, in February, there was only a slight bump, making the explosion in rentals currently a huge surprise.

There are a number of potential reasons why this is happening now, including March Madness and the current rollout of the latest round of government economic stimulus checks, but one of the main driving factors many feel is causing this phenomenon is the fact that the COVID-19 vaccine is currently available and is being administered to a growing number of people across the nation each day.

During the previous rental boom in Vegas, property owners noted that their clientele mainly consisted of people coming to Sin City to party; this time around, however, they say that their renters consist more of families who are just looking to get away and unwind after being cooped up in their homes for the past year while riding out the pandemic.

So far this year, the property owner said, they have had 1,075 nights booked, and absolutely none of them have cancelled at all… even after having raised their regular rental rates by 200 percent to take advantage of the demand.

In addition, property owners say, bookings for April currently appear to be on par with March, which experts say is an excellent sign for Las Vegas as a whole, since tourists will be further bolstering the local economy with their spending. 

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.

Eviction Notice

UPDATE: Renters and Landlords Speculate Biden’s Next Move as Eviction Moratorium Set to Expire

LAS VEGAS, NV – According to reports, there are mere days before the U.S. Centers for Disease Control and Prevention (CDC) eviction moratorium is set to expire, and Las Vegas renters and landlords alike are speculating as to what the administration of President Joe Biden will do next. Will the government let the moratorium finally end – triggering an immediate flood of mass evictions nationwide – or will they issue yet another extension and further burden landlords across the country?

Originally, the CDC eviction moratorium was put into force in September, and former President Donald Trump extended it until January; President Biden then extended it further until March 31, which as of now is just days away. The reasoning behind the moratorium was to help curb the spread of the ongoing COVID-19 pandemic by preventing homelessness that would inevitably expose more people to the virus.

The recently-passed American Rescue Plan contains over $25 billion in emergency rental assistance, in addition to other monies earmarked for utilities such as heat and electricity. However, it did not contain an extension on the CDC eviction ban as some were expecting.

Advocates for those financially impacted by the pandemic are expecting Biden to issue an extension for several months, and are even entertaining the chance that that the moratorium will be beefed up in ways, offering yet more layers of protection to families that are unable to meet their rent obligations… as well as those who can, but are “gaming the system” to get free room and board.

Recent news indicates that Biden is at the very least considering an extension of the eviction moratorium, and some experts believe that a decision has already been made on the matter. Reportedly, a representative from the Department of Housing and Urban Development (HUD) has contacted housing advocates recently to get their opinions on how to streamline paperwork that tenants can utilize to gain immunity from being evicted due to financial constraints.

Stay tuned for more news in the upcoming days concerning any possible updates to the eviction ban, and the ramifications such news may have upon both Las Vegas renters and landlords.

JUST IN: White House Extends COVID Eviction Moratorium Through June As Millions Struggle To Pay Rent – NBCNews.com – March 29, 2021, 7:23 AM PT

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.

Rental Scam

New Online Home Rental Scam Making the Rounds, According to Las Vegas Realtor

LAS VEGAS, NV – According to reports, a new online home rental scam is making the rounds, and a Las Vegas realtor is warning people interested in becoming a tenant in the near future to be especially wary of deals that seem too good to be true.. because they most likely are..

Realtor Robert Hau notes that the individuals perpetrating this new scam are taking the hard-earned money of people that have been lured in with promises of a cheap home rental, and the especially devious part? The scammers don’t even own the home in question.

Hau relayed an instance where crooks listed one of his own Las Vegas-based rental properties on Facebook – even using his listing photos – at an absolute steal of a price – a three bedroom, 1,300 square-foot home for $900 per month. For this kind of a deal, who wouldn’t jump, considering how in-demand housing is in Vegas currently, especially when it’s this cheap?

What made the home in question a target was because it was in escrow at the time; since it was vacant, it was easier to use as scam bait, Hau said. This way a con-man can have a prospective renter meet him at the property, and get the victim to give them money in the form of a deposit, an application fee, or anything they can soak them for.

The Nevada State Apartment Association offers several tips for renters looking to avoid getting scammed, such using safer sites for house-hunting such as Zillow or Apartments.com. It’s also advisable to visit the Clark County assessor’s website to confirm the identity of the property owner so you know if something funny is happening or if someone else meets you at the house.

And finally, never use cash for any fees or deposits – always use a cashier’s check, money order, or credit card.

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.

single family

The Harsh Impact of Eviction Bans on One Struggling Las Vegas Mom-and-Pop Landlord

LAS VEGAS, NV – A local news outlet recently ran an opinion piece written by a struggling local mom-and-pop landlord and the financial hurdles that are constantly being placed in their path as a result of the ongoing pandemic, driving home the point that it’s not only renters who are suffering in myriad ways due to COVID-19.

Sarah Savko wrote the opinion piece in reaction to a column written on Assembly Bill 141, a proposed piece of legislation that, if passed, would seal eviction records incurred during the pandemic – not allowing future landlords to know if a renter has a history of not paying rent – as well as giving long-term renters greatly increased amounts of time to vacate after being served with a no-cause eviction. The column in question viewed Bill 141 as a positive development for hard-hit renters that would give them “a degree of respect.”

However, Savko, herself a local independent landlord, felt it necessary to share the other side of the story, and how Bill 141 – if passed – could greatly exacerbate an already intolerable situation for many in her position.

Savko notes that she has a tenant for the one property that she owns, and that tenant has not paid their rent in months, despite currently being consistently employed throughout the pandemic at a job that pays $80,000 a year; current eviction moratoriums in-place allow renters who claim to be financially impacted by COVID – often without having to provide any proof at all – safeguarded from evictions.

This has forced Savko – who relies on her rental income to pay her own rent and fund her costly cancer treatments – to dip into her savings, and as a result her personal funds have been greatly diminished while being forced to provide free room and board for her own tenant, without any assistance from local government.

It got even worse when the tenant – who was on a month-to-month lease agreement – told her that they have signed a CDC moratorium form, and offered to pay Savko the back rent owed only if she agreed to extend his lease to a full year.

Thankfully, Savko realized that this was most likely an attempt to coerce a full year of free rent from her, since the tenant had already proved to be more than willing to game the system at her expense; why, with a one-year lease under their belt, would the tenant bother paying anything going forward?

Currently, Savko is owed over $10,000 and the amount continues climbing while she is struggling to survive on social security and her retirement savings while a tenant who makes twice what she does is bleeding her dry due to statewide pandemic-based eviction bans that heavily favor renters in almost every regard.

Savko worked hard and purchased her rental property to, in her words, “allow me some sort of stability later in life.” Sadly, she feels that the state of Nevada has failed landlords like her during this pandemic, and in that sense it is hard to argue with her; if Assembly Bill 141 passes in the Nevada legislature, it may fail her all the more.

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.

Landlords can Stay the Course

How Mom-and-Pop Landlords Can Stay The Course While Eviction Bans Potentially Grow Longer

LAS VEGAS, NV – According to a recent Forbes article, the Centers for Disease Control and Prevention (CDC) has recently extended the renter eviction moratorium through the end of March 31 in an effort to curb mass evictions due to financial hardship brought about by the ongoing COVID-19 pandemic. In addition, the proposed $1.9 trillion COVID-19 relief bill by President Joe Biden – which House Democrats aim to pass by mid-March – includes the possibility of extending that eviction ban through the end of September.

On one side of the equation, we have the millions of cash-strapped individuals who will be allowed to remain in their homes throughout the most difficult economic and health crisis in many years. On the other side, however, are landlords who will be forced to bear the brunt of hardship that the eviction moratoriums bring, as many of them will be asked to continue to provide free lodging for many tenants – in addition to still being responsible for paying mortgages and property taxes – with little hope of reprieve aside from federal rent assistance programs.

Meanwhile, some states have enacted their own moratoriums – independent of the federal government – that must be adhered to as well, adding an extra layer of hardship for landlords.

This is causing many smaller “mom-and-pop” landlords – which make up approximately 77 percent of ownership of small building apartment units – to struggle to make ends meet while still being expected to provide basic services and maintenance for their tenants. According to the U.S. Census Bureau, nearly 10 million households – about 20 percent nationwide – are currently behind on their rent.

Many of these mom-and-pop landlords are retired, and their rental properties represent an investment into their retirement and, in many cases, is their only source of income.

If you’re a landlord and you’re facing extreme financial hardship due to ongoing eviction moratoriums, it’s difficult to find an avenue of recourse, as rules and guidelines not only vary federally, but state-by-state and county-by-county. First of all, it’s best for you to consult with a qualified attorney in your area who is familiar with all the laws governing evictions; however, even on a local level, many courts are biased against landlords during the COVID-19 pandemic, experts say, and some property owners may have no recourse but to wait out the various moratoriums. However, some exceptions can be made in the event of criminal activity or a threat to a tenant’s neighbors.

In addition, some landlords can apply on the behalf of their tenants for money from a $25 billion Emergency Rental Assistance Program (ERAP) recently announced by the U.S. Department of the Treasury under the Consolidated Appropriations Act of 2021. The funds from this program can help households pay for rent and utilities, and in turn, help ease the financial stress of landlords at the same time.

Landlords may also be eligible for Pandemic Unemployment Assistance (PUA), which is a program that benefits self-employed individuals impacted by COVID-19 that would ordinarily not qualify for regular unemployment insurance (UI). The current PUA expiration date to apply for benefits is March 13, although President Biden’s proposed relief plan may extend that as far as through the end of September.

Some small landlords – if they report their income via a 1040 Schedule E, limited liability corporation or LLC – can also apply for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) for landlords.

Finally, it is recommended that landlords not pursue methods of dealing with tenants that may run them afoul of the law; instead, they should operate within all established guidelines and attempt to work with tenants on payment plans and helping them apply for rental assistance programs.

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.

Bitcoin

Las Vegas Apartments Corp. Announces “Bitcoin” As Payment Option for Tenants’ Rent, Including Move-In Fees

LAS VEGAS, NV – According to recent reports, one of the largest owners of apartments in Las Vegas has made an announcement last week that they will now be accepting the popular cryptocurrency “Bitcoin” as a payment option for their tenants’ rent.

Las Vegas Apartments Corporation – according to their Facebook page – provides “safe and secure low income luxury Studio, One and Two bedroom apartments in downtown Las Vegas with all utilities and WiFi included.”

The company, on Wednesday, said they will not only be taking the digital currency to cover rent, but any move-in fees as well, reports say.

Las Vegas Apartments Corp. stated that only a few escrow services offer Bitcoin as a form of payment, but they believe that acceptance of the cryptocurrency will increase over time by more businesses.

The concept of paying your rent with bitcoin is a relatively new one in the industry, but one that’s been slowly catching on in various cities across the nation over the last few years. For example, the Brooklyn, New York-based ManageGo – a mobile app that allows tenants to make payments and schedule maintenance with their landlords – gave renters the option of paying via bitcoin several years ago.

How it works is relatively simple- the tenant makes their rent payment with Bitcoin, and the ManageGo app utilizes a digital cryptocurrency broker to convert the bitcoin to actual dollars, which are then sent to the landlord.

Ultimately, however, according to the American Apartment Owner’s Association, accepting Bitcoin – a very volatile cryptocurrency in terms of value – could be a good long-term investment, and it could also help you stand out in a rental market by advertising that you accept it.

There are also significant risks as well. As mentioned, the value of bitcoin can fluctuate wildly, whereas cash does not. For example, today, February 10, a single Bitcoin equals $45,154, where just three days ago, February 7, 1 Bitcoin equaled $37,787. In addition, since bitcoin is not liquid, it can take far longer – up to 10 days – to cash it out than non-digital currency. And, since it is digital, Bitcoin is vulnerable to being hacked.

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.