Category Archive : Rentals

LAS VEGAS, NV – On the eve of the Sept. 1 deadline of the residential eviction moratorium originally put into place as a response to the rampant unemployment and financial crisis gripping the state of Nevada, Governor Steve Sisolak on Monday extended the moratorium for an additional 45 days, according to recent reports.

Sisolak, at a news conference held Monday, indicated that he was extending the protections for those who are having difficulty making their rent or mortgage payments due to COVID-19-related financial issues. The reasoning behind his decision, Sisolak said, was to allow additional time for local municipalities to disperse rental assistance funds, allow the state to make headway into its backlog of unemployment claims, and to give a proposed mediation program for landlords and tenants approved by the Legislature in August time to be fully developed and carried out.

“We will allow more time for these programs to be fully implemented and give assistance to those who need it most during this difficult time,” Sisolak said, while noting that “we can’t keep continuing this moratorium forever.”

Sisolak stated at the conference that an additional $10 million in CARES Act money would be put towards the state’s rental assistance program that eligible renters could apply for; the funds, if approved, will to be paid directly to landlords.

If the moratorium was allowed to lapse, approximately 249,700 Clark County residents could have faced eviction proceedings. Originally, the moratorium was put into place by Sisolak on March 29 amid the economic collapse brought about by the COVID-19 pandemic; Sisolak issued a decree in June, stating that the moratorium was to be lifted and residential evictions allowed again as of Sept 1.

Nevada’s leading real estate association, Nevada REALTORS, issued a statement stating their opposition to Sisolak’s 45-day extension, saying that they sympathized with people who had lost their income due to the pandemic but that the extension will cause tremendous hardship for property owners throughout the state.

“On behalf of Nevada REALTORS and our more than 18,000 members throughout the state, we are very disappointed in Gov. Sisolak’s decision,” they wrote in the statement. “Many of them will now have no recourse or way to cover their own expenses.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to recent reports, a new series of affordable, fully renovated studio apartments are now available in downtown Las Vegas, an area of the city that has been sorely in need of such accommodations.

Stax Studios is located at 501 South 10th Street – near Las Vegas Boulevard and Fremont Street – featuring over 44 completely renovated units with a number of convenient amenities. The facility is being marketed towards those who are seeking an “urban lifestyle,” according to a statement put out by property management company WestCorp Management Group, and as such will fit in with the overall renovation of downtown Las Vegas.

The apartments seek to take advantage of the recent spurt of new jobs in the area as well as allowing tenants to take advantage of easy access to local entertainment, retail and dining options just a hop, skip, and a jump away.

Stax Studios makes two studio floor plans available to prospective tenants, with the smaller apartment option coming in at 285 square feet and the larger one at 400 square feet. Leases start at $899 per month, and insurance, trash, and water are included at those prices. In addition, all apartments come complete with laminate flooring, private patios, stainless steel appliances, free wi-fi internet access, quartz countertops, and private parking.

Social spaces are also provided where tenants are able to gather with one another, such as an outdoor barbecue space with fire pit, hammocks, and covered seating areas. Stax Studios is also pet-friendly and even features an on-site gated dog park.

With the COVID-19 pandemic slowly coming to pass and the local Las Vegas economy starting to rebound, many young professionals are looking for affordable apartment options in the middle of the downtown area; Stax Studios offers such an option, with studios situated adjacent to legendary Las Vegas Boulevard, allowing easy access to jobs as well the plethora of entertainment options that “the Strip” has to offer.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to reports, after an initial drop in the early days of the COVID-19 pandemic, Las Vegas apartment rents have remained strong in the second quarter of 2020 while vacancy rates were stabilized due mainly to Nevada Governor Steve Sisolak’s moratorium against residential evictions.

While Vegas rents showed definite signs of rebounding after the initial outbreak, they nonetheless have grown at a slower rate than before COVID-19 hit; local rents increased 2.2 percent during the second quarter, which while positive, nonetheless pales to the 7 percent rent growth year over year, reports say.

The average vacancy rate for local apartments was 6.8 percent during this period, representing a .4 percent increase from 2019 but a decrease of approximately 11 percent during the midst of the mid-2000’s recession.

Las Vegas rents in the second quarter of 2020 have averaged $1,105 per month, which represents a $25 increase from the same period of time in 2019 but only a 5 percent increase from the region’s peak levels before the recession; from 2015 through 2019, rents in Vegas grew at a steady and regular rate.

Governor Sisolak’s moratorium against residential evictions, combined with numerous forms of governmental assistance on the federal, state, and local level, have enabled approximately 90 percent of renters in Nevada to make their monthly rent; however, with the cessation of federal enhanced unemployment benefits at the end of July, along with the end of the moratorium come September, experts expect rental numbers to take a potentially drastic turn in the third and fourth quarters of 2020.

Another factor contributing to vacancy rates is the increased development of apartment complexes prior to the pandemic in order to satisfy the growing demand for housing options in light of Las Vegas’ blooming economy and job market. Currently, Las Vegas has 3,117 apartment units under construction as of the second quarter of 2020, and upon completion, this will also drive up vacancy rates correspondingly.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to reports, despite an eviction moratorium and numerous sources of governmental financial assistance being made to local residents, September – when the moratorium is due to expire – could see a record-number of people in Las Vegas removed from their homes and apartments, as months of unpaid rent will finally take their toll.

Due to the current financial crisis and widespread unemployment that is still hitting Southern Nevada due to the COVID-19 pandemic – a crisis that the region is recovering from, but not fast enough – the high number of renters that call Vegas home are facing a very real possibility that they may be homeless in the near future, especially with the $600 federal unemployment benefits having expired at the end of July.

Reports indicate that roughly ten percent of the population of Clark County – approximately 249,700 people – may be out on the streets when the eviction freeze ends. This is an unfortunate situation no matter how you look at it, and one that is unprecedented in the modern era.

Of course, one has to look at this from the perspective of landlords as well, considering the fact that a tenant that is unable to pay rent – through no fault of their own – translates to monthly income that the landlord is no longer receiving. And things just got harder for them, as a recent new state law now gives courts the ability to delay an eviction for 30 days in an attempt to mediate the situation between the landlord and their tenant.

While this new law represents a stay of execution for tenants, it also represents more frustration for landlords, many of whom have felt unfairly treated throughout the pandemic by essentially being forced to house individuals that are unable to – or simply refuse to, in some instances – pay them.

Nationwide, the COVID-19 pandemic has led to high levels of unemployment, and evictions across the country are looming for as many as 30 to 40 million people in the next few months if things do not improve. However, experts are reporting that Las Vegas could be one of the harder-hit areas due to its reliance on tourism, which has been greatly curtailed by the pandemic.

Currently, Las Vegas’ unemployment rate is hovering at about 18 percent, down from a high of 34 percent at the height of the pandemic; in February, prior to COVID-19, it was just 3.9 percent.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – Many landlords jump at the idea of spending around $550 for a home warranty that covers their property for repairs and replacement costs over a 12 month period. All that is required is an up front fee of usually $75 and the home warranty will send out a licensed contractor to assess the issue. If it was just that simple, I’m sure everyone would want a home warranty to ensure their home is protected against unexpected repair costs.

The reality is, Home Warranties are not all they’re cracked up to be. What they don’t tell you when they are trying to sell you their products is that many items aren’t covered so unless you ask specifically what is not covered before you sign up, they will tell you after the fact that it’s listed in the fine print when you have a repair issue that isn’t covered. What they also don’t tell you is that it can take up to 48 hours for their preferred vendors to even get assigned the work order. How would you like to have that conversation with your tenant, I’m sorry but the property has a home warranty so we have to use the vendor that is assigned but they can’t get to your home for 48 hours; that’s not going to go over well with the tenant.

Episode 140: Home Warranty Dangers by: http://www.evicttv.com (An excellent representation of issues with Home Warranty services.

Not every Home Warranty Company is awful, but I would definitely say to steer clear of Choice Home Warranty. Here is an example of a recent claim we filed with Choice Home Warranty for an A/C issue.

• We placed a claim for our Landlord’s property on Saturday 6/27/2020  for the upstairs a/c unit, my property manager was on hold for almost an hour waiting to place a claim before they finally were able to speak with a representative.

• We called the vendor they assigned on Monday since the tenants hadn’t heard from anyone yet to set up an appointment. When we spoke to the vendor, they said they never received a work order from Choice Home Warranty. So after sitting on hold for 1.5 hours we got through and Choice Home Warranty resent the work order. 

• On 6/30/2020, their vendor arrived at 3 pm, completed a hard start on the a/c unit and left. The a/c stopped working again an hour later. We tried to place a recall on 6/30/2020 with Choice Home Warranty around 4pm and after 2 hours of waiting on hold and calls being dropped we opted for the call back option. My property manager waited around with her work cell phone until 10pm but never received a call back. 

• On 7/1/2020 the property manager called the vendor to see if they could go back and they said we have to call Choice Home Warranty for a recall. My property manager called Choice Home Warranty and after waiting a total of 3 hours and 4 dropped calls later she finally got through and they placed a recall. My property manager called the vendor back to tell them a recall has been placed and now the vendor stated they don’t need to come back but they need Choice Home Warranty to approve a new compressor which will take approx. 2 weeks with shipping. My property manager calls Choice Home Warranty back and they say they are awaiting this information from the vendor. 

• On 7/2/2020 my property manager calls Choice Home Warranty for an update, they say it’s been approved and it will be in within 2-3 weeks.
• On 7/12/2020 the vendor calls my property manager and states that they received a condensing unit but it wont work with the old evaporator coils so they need an additional $4000.

• On 7/12/2020 my property manager relayed this information to the landlords who subsequently called Choice Home Warranty for further explanation.

• On 7/13/2020 a Choice Home Warranty case manager emails the landlord  a new condenser and “indoor unit” will be $2,875, no further explanation was given as to why or what was wrong. Over the next 10 days, my property manager and the landlord emailed, called and left voicemails for the case manager requesting further explanation but never received a response back from the case manager. When my property manager and landlord requested someone else to assist them, they were advised by other representatives from Choice Home Warranty that we have to speak with the assigned case manager.

• On 7/24/2020 my property manager contacted the vendor to see if they had any further update from Choice Home Warranty and they advised that they just received an approval the day before for a new evaporator coil along with the condensing unit for $2,875.

• On 7/24/2020 the landlord paid the $2,875.

• On 7/25/2020 the vendor ordered the evaporator coils.

• On 8/4/2020 the new system was installed.

Luckily, this property had (2) a/c units and only one was not working. We were able to have a portable a/c unit installed to help keep the property cooled while the tenant waited a little over 5 weeks for their a/c unit to be repaired. In addition to the $2,875 the landlord had to pay for the cost of the a/c repair, the landlord had to pay $25 a day for the portable a/c unit and give the tenant a credit towards their power bill as the portable a/c unit was a big draw on power and caused their power bill to go up significantly.

If you are a landlord and you decide a home warranty is worth the investment, be sure to research each and every Home Warranty Company as well as each and every covered item before purchasing your warranty so that you can hopefully avoid the issues that we have experienced with Choice Home Warranty.

Although Shelter Realty does not generally recommend a landlord to purchase a home warranty, we do have several landlords that have home warranties in place. If you would like any recommendations on what Home Warranties we do recommend, give us a call at 702.376.7379 and ask for Shelly, she would be glad to discuss Home Warranties with you.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to reports, Nevada officials have announced that a large amount of federal funding made available to those impacted by the COVID-19 pandemic is still available via the state’s CARES Housing Assistance Program, which launched last Monday.

Since the program began on July 20, it has received 3,085 applications from residents whose finances have been negatively impacted by the pandemic and are seeking assistance with remaining in their homes. Most of the people applying for rent assistance are asking for up to two or three months of back-rent to be paid to cover missed rent payments during the eviction moratorium.

The COVID-19 pandemic has caused widespread financial hardship in Nevada, with record unemployment numbers dominating the economy amid mandatory business closures and stay-at-home orders issued to halt the spread of the dangerous virus. And while cases of COVID had dropped to levels that saw these mandates being lifted, the long-term financial issues – coupled with a resurgence of positive cases – has left many facing the very real prospect of homelessness.

The rental assistance program is being run by the Nevada Housing Division and in coordination with Clark County Social Services, the Reno Housing Authority, and the Nevada Rural Housing Authority. In addition, a network consisting of 14 community not-for-profits is administering the program in Clark County.

Nevada Governor Steve Sisolak recently announced the rental assistance program, available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, in the form of $30 million in federal CARES Act funding allocated to residential rental assistance, and an additional $20 million towards commercial rental assistance.

In order to apply for the rental assistance program, Nevada residents can visit housing.nv.gov. Successful applicants should begin seeing payments sent directly to their landlords over the course of the next two weeks, reports say. Funds will be dispersed on a first-come, first-served basis.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV- The COVID-19 pandemic has touched all Nevadans particularly hard resulting economic hardship in one form or another for the vast majority of residents. With Governor Steve Sisolak’s moratorium against residential evictions due to end in September, many people are scrambling to secure funds to stay in their homes as landlords dealing with unfortunate tenants unable to meet their rent are about to be forced into making a very difficult decision.

In order to provide a measure of relief for many involved in the current financial crisis, State Senator Catherine Cortez Masto recently announced that help is available for Nevada residents in the form of $30 million in CARES Act funding allocated by Governor Sisolak to residential rental assistance and an additional $20 million towards commercial rental assistance.

The CARES Act funding, an addition to several other forms of assistance – both via the government and select not-for-profits – is available to Nevada residents who are experiencing financial insolvency due to the ongoing COVID-19 pandemic, be it a loss of employment or major reduction in income due to a decrease in work.

Among the various programs and organizations that can help Nevada residents make up their rent deficits is the Nevada Housing Division’s CARES Housing Assistance Program, which not only offers funding to people unable to make their rental or mortgage payments, but also to landlords and property owners who are currently not receiving payments from tenants due to COVID-19.

In addition, up to three months of rental assistance can be provided to qualified city residents by the City of Las Vegas Housing Assistance Program, payable directly to the landlord; the city of North Las Vegas is offering both short-term and long-term rental assistance to lower-income households to eligible individuals and families; and various charities in Northern Nevada are offering housing assistance, including Catholic Charities, the Nevada Rural Housing Authority and the Reno Housing Authority.

Finally, the Legal Aid of Southern Nevada is offering an online FAQ that residents can consult to find out how the end of the residential moratorium will affect them, as well as information about further housing assistance that are out there that they may be able to utilize.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to recent reports, Clark County officials are attempting to set up an ordinance that will offer a degree of protection to those facing losing their home or apartment in September, when a mandate by Nevada Governor Steve Sisolak to prevent evictions due to the ongoing COVID-19 pandemic is set to expire Sept. 1.

However, critics are arguing that these proposed protections introduced last week may lean too far in favor of tenants, leaving landlords, who have also been suffering financially – as hundreds of thousands in the state have from the widespread economic damage caused by the pandemic – out in the cold.

The proposed ordinance, in part, would charge landlords with a misdemeanor if they discriminated against an individual by refusing to rent, negotiate, or make a property available to them on the basis of their source of income, or if they had a previous eviction on their record that was related to the pandemic.

Clark County Commissioner Justin Jones noted that the proposed ordinance was created in response to the financial hardship suffered by Las Vegas residents, many of whom have lost their jobs in light of mandatory stay-at-home orders issued by Governor Sisolak in order to curb the spread of COVID-19.

“Clark County is doing everything in its power to keep people in their homes,” he said. “We know that this is a difficult time so we want to take every action that we can.”

Part of this ordinance stems from a rental assistance program that Clark County is planning on rolling out; officials have said that some landlords may be reluctant to rent to potential tenants receiving assistance from the program, fearing the sigma that Section 8 housing programs often bring with them.

Shanta Patton, a regional vice president of the National Association of Real Estate Brokers, noted that she does not support any ordinance that does not allow a landlord their right to make a decision on who to rent to based on a background check that would include a tenant’s income source and eviction history.

The ordinance is expected to be publicly heard Aug. 4.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – For renters in the Las Vegas area that are behind on their rent thanks to the COVID-19 pandemic and a looming eviction date threatening to see them put out on the street, good news is potentially coming in the form of relief funds from Nevada state.

According to reports, $50 million in federal coronavirus relief funds via the Nevada State Treasurer’s office are to be made available to renters facing eviction on September 1 when Governor Steve Sisolak’s extended moratorium on residential evictions and foreclosures is due to end.

Previously, Sisolak’s moratorium, enacted on March 29 as a response to widespread unemployment and economic hardship brought about by the pandemic, was due to come to an end on June 30. However, as that end date approached, Sisolak made an amendment- instead of ending at the end of June, the moratorium will be lifted in phases over the course of the summer, with residential evictions finally allowed to fully resume on September 1.

With numerous landlords already preparing paperwork for the mass evictions expected to begin at the start of September, the Nevada State Treasurer’s office announced this week the availability of federal relief funds to help qualified individuals to remain in their homes. The $50 million will be divided into two categories – residential tenants will have access to a $30 million pool, and commercial tenants, $20 million.

Applicants would have to meet income qualifications and would have to have lost their employment due to COVID-related issues. In addition, applicants cannot receive Federal Housing Vouchers and the liquid resources of the entire household must not exceed $3,000.

According to reports, residents of Clark County will be able to apply for the federal coronavirus relief funds within the next week; in addition, tenants who are behind on their rent are encouraged to work with their landlords on a method and timetable of repayment of back monies owed. Landlords seeking back rent, on the other hand, would do well to inform their tenants of the federal relief program if they are unaware of it.

Editors Note: The photo used in this article, the Clark County Regional Government Center building in Laughlin, Nevada., is for editorial use only. It is credited to Felipe Sanchez and licensed through Shutterstock.com.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – According to reports, AirBnB has recently instituted a new policy in Las Vegas – as well as nationwide for that matter – which imposes restrictions on renting homes through their service for some local residents under the age of 25.

Individuals under the age of 25 will not be able to rent an entire home – as opposed to just a single room – through the AirBnB unless they have a previous, proven record of consisting of positive reviews from previous home rentals. A minimum of three positive reviews are required, and the reviews can be compiled from anywhere in the country; they do not have to be specifically situated in Las Vegas, AirBnB said.

If someone under the minimum age of 25 and without the required review credentials attempts to rent a home, they would automatically be blocked from doing so by the website; the rental will not be processed. A recent example AirBnB supplied was an 18 year-old Las Vegas resident who was unable to utilize the service.

The reasoning for the move on the part of AirBnB , according to a release they put out, is to help curb the spread of the conronavirus pandemic, citing public health mandates in place throughout the country. In addition, they noted that they typically have more issues with younger renters in general.

“We’re taking actions to support safe and responsible travel in the United States,” Airbnb said. “[Young people] wanting to get out of their situation get into an Airbnb with a pool, bigger backyard, bring their friends in and then obviously we know what happens when people have been locked up for the last three months.”

Henderson has reported several complaints from AirBnB rental houses, which may have contributed in-part to this new program.

This policy pertains to all United States residents under the age of 25, and only affects AirBnB listings near the area in which the under 25 year-old resident resides; these residents are able, however, to rent entire homes outside of the area where they live. Private rooms and hotel rooms are exempt from this clause, AirBnB says.

Editors Note: The photo used in this article, a woman installing AirBnB on a Lenovo tablet, is for editorial use only. It is credited to Daniel Krason and licensed through Shutterstock.com.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – With the country slowly reopening its economy in the wake of the COVID-19 pandemic – with varying degrees of success – one question on many minds is travel. After sitting in quarantine for the past several months, people are understandable suffering from acute bouts of cabin fever. But at the same time, they’re wondering- is it safe to travel? Am I putting my health at risk if I stay in a hotel, cabin, or rental home?

According to recent reports, the Centers for Disease Control and Prevention (CDC) does say that travel can lead to an increased risk of exposure to contracting COVID-19; the travel industry is taking notice and making every attempt to minimize the risk to the customers who are starting to patronize their establishments once again.

Two organizations – the American Hotel and Lodging Association and the Vacation Rental Management Association – have released extensive guidelines based on CDC recommendations to help curb the spread of COVID-19, and when it comes to travel, the best practice these days is coming as close to a “no contact” stay as humanly possible. Paying online as opposed to in-person is recommended, as is staying in places that utilize digital keys.

Social distancing is vitally important. You should maintain a minimum distance of six feet from all other guests and staff in any lodging, in addition to wearing masks. Touching potentially contaminated surfaces is less problematic, due to the nature of how the virus spreads, but should be taken into consideration as well. Make sure you clean and disinfect tables, chairs, sinks, and so on before touching them.

Also, guidelines vary from region to region in the United States, so it’s for the best to educate yourself on them for where you’re going, BEFORE you go. Call ahead to any place that you might be staying and ask how often cleaning is carried out, if hand sanitizing/washing stations are available on common areas, and how effective their air ventilation systems are. It’s advisable to bring your own sheets and pillow cases as well as your own cleaning/disinfecting products just in case, and tell management that you do not want housekeeping to turn down your room. You’ll handle that yourself each day.

Avoid enclosed spaces such as elevators in favor of stairwells, and if possible keep windows open to help circulate air. Be careful if you use gyms and pools. Inquire about the lodging’s policies on social distancing and mask use, as well as temperature/virus testing procedures for staff. Is the hotel operating at a reduced capacity to keep crowding down? To that end, are they limiting single-night stays?

Nothing is foolproof when it comes to COVID-19, but following these guidelines can help minimize your risk of contracting it when traveling.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – Time Magazine recently did an article on how Eviction Moratoriums – much like the one issued by Nevada Governor Steve Sisolak during the ongoing COVID-19 pandemic – can be especially harmful to small, “mom and pop” landlords who may own only one or two small rental properties.

With a shutdown mandated by Governor Sisolak on all businesses deemed to be “non-essential” putting many people temporarily out of work, the majority of Nevada residents were facing evictions or foreclosures amid extreme financial hardship. However, the Governor’s moratorium disallowed lockouts, notices to quit or pay, or eviction filings while the state of emergency was in effect. The moratorium also waived all late fees throughout the emergency period.

The moratorium was originally due to end June 30, and landlords were lining up to begin eviction proceedings for a slew of delinquent tenants. However, late last week Sisolak extended that moratorium for specific circumstances. But in the meantime, the landlords of those properties – many of whom have not been receiving income since March – are struggling themselves, and the smaller the landlord, the more difficult the struggle.

A good example of how especially difficult moratoriums can be for small landlords can be summed up in the story of Greta Arceneaux, as chronicled in the above-linked Time article. Arceneaux was a divorcee with two children facing grim financial prospects in 1960’s Los Angeles when she got a loan, demolished her own home, and built a five-unit rental complex upon the land. The gambit worked – she had developed a steady income that lifted her and her family out of poverty and into the middle-class for many years… until COVID-19 hit, that is.

While the Nevada moratorium has proved to be a hardship for many landlords state-wide – especially in light of its recent extension – Los Angeles’ has been even more restrictive to property owners, with tenants being allowed up to 12 months to repay their back rent – without any late fees attached – from the end of the city’s emergency declaration. For some, like Arceneaux, this is an insurmountable obstacle thrown in her path during an already difficult period. She has reportedly been saddled with $15,000 in unpaid rent, in addition to having to maintain the apartment complex with money right out of her own pocket. In addition, she is also bound by new state building codes that require earthquake prevention reinforcement in her building, a decree that stands to set her back $60,000 or more. At this point, her retirement is being threatened.

While she feels for her tenants who have lost jobs and are facing economic crises themselves, Arceneaux is also struck by the unfairness of her situation. While it is unfortunate that her tenants may be facing hardships, why is she being forced to shoulder their misfortunes in addition to her own? And on top of that, the number of people looking to move into an apartment during a pandemic is low; while a large complex can get by with a few vacancies here and there, it’s a far more difficult prospect for a small-time landlord with only four or five units.

This is an issue that is currently plaguing a great many Americans in light of the COVID-19 pandemic, as many cities and states have passed similar moratoriums. According to the 2015 American Housing Survey, roughly half of the rental market in the U.S. is run by large companies; the remainder are run by individuals and normally consist of homes and small complexes, like the type owned by Arceneaux. But while large companies often can benefit from funding provided by the CARES Act, smaller landlords typically cannot.

Many city and state governments are encouraging landlords to work out payment plans with their delinquent tenants, but for many who have invested their life savings into their properties and are losing money each and every month they are denied rent, such an arrangement can certainly seem unfair. If governments force this burden upon property owners, they should be prepared to assist them financially.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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.