A report from Local News 10 in Florida. “Patricia Guerrero said she is working full time to pay the mortgage of a home that she is supposed to be renting. Instead, she said there are squatters with a fraudulent lease, and the coronavirus pandemic’s eviction moratorium is protecting them. Guerrero said Miami police officers told her it was a civil matter. Guerrero said she has been in this situation for more than nine months now. She bought the house in 2018, renovated it, and when her tenants moved out, she sold it. There was money in escrow, but in April, right before closing, squatters moved in.”
“Guerrero said the situation with the squatters is affecting her health because she is so stressed. She is not sure how long she will be able to afford to pay the mortgage before she has to go into foreclosure. ‘I am a landlord and I don’t have any rights,’ Guerrero said. ‘They do have rights; I don’t. This is not nonpayment of rent; this is a squatter.’”
The New York Daily News. “The newest New York State anti-eviction laws brought much needed relief to tenants, but some mom-and-pop landlords worry those measures may ultimately leave them holding the bag. Sharon Redhead owns a 19-unit apartment building in Brownsville, Brooklyn, and said some of the renters living there need the help — but not all of them. ‘There are tenants who are unemployed who are paying full or partial rent, and there are tenants who work who aren’t paying any rent at all,’ she said.”
“According to Redhead, tenants in one apartment haven’t paid anything since March 2019, even though one of them runs two catering businesses out of the apartment. ‘I see her on a weekly basis loading up her BMW to take her baked goods,’ said Redhead, who also works as an accountant. ‘And her husband is a union employee.’”
“Clarence Hamer, who owns a two-family home in Brownsville, said one of his tenant’s failure to pay rent has left him behind on mortgage, gas and tax bills. Hamer, who works for the city, estimates he’s owed $46,000 in back rent from the tenant, who he says has been illegally subletting rooms in the apartment during the pandemic. ‘I would like her to move immediately,’ Hamer told the Daily News. ‘She’s basically getting over.’”
“Ketsia Magnan, who lives in a two-family in Canarsie that she shares with a tenant, said she agrees with the spirit of the laws, but that they shouldn’t protect people who have the means to pay all or part of their rent and don’t. ‘It’s not like I’m some big real estate mogul,’ she said. ‘The house wasn’t free. It wasn’t given to me. I have to work for everything I have to pay for. It’s not free money.’”
“Magnan claims she is owed about $12,000 in rent dating back to March 2020 and said she wouldn’t be so frustrated with the situation if her tenant was out of work. ‘I know she’s working because she gets her pay stubs in the mail,’ said Magnan, a mother of two. ‘It’s just plain and simple taking advantage of the situation.’”
The Chicago Tribune in Illinois. “In Chicago, rents dropped by almost 12% in December compared to December 2019, according to Apartment List. Chicago was among the most severely impacted cities when it came to falling rents, said Rob Warnock, who co-authored the study. ‘It’s really a lot of these denser, really strong job centers across the country — Chicago, San Francisco, Seattle, Boston — where we saw the rent prices really collapse the most dramatically in 2020,’ he said.”
“San Francisco was hit the hardest, with rents dropping 26.7% since March. New York City; Washington, D.C.; and Minneapolis were also in the top 10. As vacancies rise, landlords around Chicago are doing everything they can to keep tenants in the building, and that includes cutting rent. Some landlords are offering up to five months of free rent for new leasees, said Ericka Rios, cofounder of Downtown Apartment Company. Others are reducing application fees, offering free parking or cleaning services and cash incentives for those who sign fast, Rios said.”
“Some landlords are cutting expenses wherever they can, said Mark Durakovic, principal of Kass Management Inc., a third-party residential property management company that oversees 10,000 residences in the Chicagoland area. And those cuts include his company’s services. ‘In some cases, landlords are being left with that decision to lower the rent just to be able to generate some income, which is better than no income,’ he said.”
“Carolyn Anavi has helped landlords list and rent their properties since 2008. Her company has had landlords ask about selling their buildings entirely to get out of the business over the past year. Many live in other states, or have full-time jobs while managing a property. ‘It’s just becoming the last straw,’ Anavi said. ‘When you’re losing month after month of income, it’s a huge hit to your family.’”
From KRIS TV in Texas. “A new report shows the median price for a one-bedroom apartment in the Coastal Bend is $915 per month. Due to economic uncertainty during the pandemic, some landlords say they are willing to negotiate on the price of rent. In Corpus Christi, the rent growth since March has fallen which can lead to price negotiations between landlord and tenant. ‘There’s a willingness to negotiate because you’d rather get something than nothing as a landlord,’ said realtor Jacob Bocanegra.”
From WTOP News. “The pandemic has fueled a rise in apartment vacancies in the D.C. metro’s urban core, and in large cities across the country, and rising vacancies have translated into falling rental rates. The drop has been significant. Apartment List ranks both the District and Arlington County, Virginia, among the 10 rental markets in the nation where rents have fallen the most.”
“The median rent for a two-bedroom apartment in the District is currently $1,570 a month, down 14.4% from a year ago, and 15.3% since March, according to Apartment List. That ranks D.C. No. 5 on the list of biggest drops. The median two-bedroom rent in Arlington is currently $2,030, down 13.7% from a year ago, and 14.8% since March, ranking Arlington No. 8.”
“‘D.C., Northern Virginia and the greater D.C. metro area generally has for a long time been one of the most expensive rental markets in the country. Right now, we’ve got a lot of folks who are facing new financial hardships as a result of the pandemic. A lot of folks are just unable to afford these sky-high rents, and we’re really seeing a sharp drop-off in demand,’ said Chris Salviati, housing economist at Apartment List.”
The San Francisco Chronicle in California. “At this time in 2020, Bay Area real estate experts were looking at a bright year ahead. But in March, the market ground to a swift halt and an uncertain rest of the year loomed. As buyers sought more space, especially private space, single-family homes in both San Francisco and surrounding suburbs soared in price and demand, while rental averages plummeted and downtown condos languished.”
“If you’re in the market for a condo in San Francisco, that means you could get a great deal. ‘You can buy a condo for 2018 prices right now,’ Redfin chief economist Daryl Fairweather said. ‘I think we will see many more condo listings next year and prices could come down even more this year. As they come down next year, it could be the opportunity for those that have been wanting to buy for a while and were previously priced out.’”
“She said mom-and-pop landlords may be more likely to sell their rentals after the tumultuous year, increasing inventory further and opening up spaces for even those simply interested in an investment property. ‘Condo prices are going to drop enough that people will see a good investment opportunity. They’ll be able to get in at a good price,’ Fairweather said.”
“Experts agree we’re not at the bottom yet, but we’re close. ‘There are still more renters moving out of the Bay Area than moving in,’ Zumper analyst Neil Gerstein said. ‘What we’re watching as things return to normal: Will renters return or will the Bay Area cities become discounted enough that new people want to come in and take advantage of those prices? No matter what, I don’t think we’re at the bottom yet. Prices will continue to decrease in the short term. I wouldn’t say we’re at the bottom yet, but we could be nearing it. It’s a great time to make the Bay Area your home. The city is certainly at a discount.’”