Being a landlord is tough, and it's gotten much tougher in recent years. Following a long moratorium, landlords have to once again make tough decisions about their tenants.
While many people want to instinctively side with tenants on issues of rent, it's important to note that most landlords are individuals. They have no corporate interests and many own only one rental property.
Things don't always work out. When a landlord depends on rent money to make their own bills, there's only so much help they can offer their tenants and eviction is sometimes the best choice.
However, there are programs in place that could help you both, if you act fast enough. This is known as Eviction Protection, and we'll talk more about it in this article.
Rent and Eviction
The eviction moratorium has lapsed, so eviction is once again legal. However, even if eviction is necessary, it's not always easy.
There are ways around this, but they come with a big risk. You could try getting a temporary loan, but you'll have to pay it back at some point, and what if the money hasn't come through by then?
The other way around this is to talk to your tenants and see if you can help each other out. Your tenants might be struggling to make rent, but many will gladly compromise or take on smaller, more frequent payments if they can.
Keep in mind that your needs come first. You have an entire building of people depending on you to keep the place going. If you use too many of your resources trying to help another tenant, the whole building could suffer.
What is Eviction Protection?
Eviction protection is a term that refers to various types of aid available to people facing eviction. These programs help people struggling to pay their rent find resources to catch up on payments and keep their current residence.
One type of eviction protection comes in the form of the Emergency Rental Assistance program. This government program was established last year in an effort to aid those facing economic hardship due to the pandemic.
What This Means for Landlords
How does eviction protection affect you as a landlord? The truth is that it depends on the situation. In many cases, the tenant will seek eviction protection before any lawsuits have been filed to officially evict them.
This is the best-case scenario because assistance at this stage comes in the form of money, which the tenant will use to pay rent. This means that you get the rent money, or at the very least some of it, and nobody gets evicted.
However, if the tenant seeks assistance after a lawsuit has been filed, the assistance money might be spent on a lawyer, which could cost you your case.
Eviction Protection and You
Issues of the recent past have put eviction protection in high demand. These services come in a few forms. We've talked about this assistance and how it affects you, the landlord in this article.
If you'd like any additional information or advice about managing properties and tenants please visit our site. Feel free to contact us if you have questions.