Evictions are starting to become the norm again as Washington state begins its steady recovery following the pandemic. Previously, landlords were unable to impose any payments on tenants or evict them due to the difficulties of the past year and a half.
Now, people are returning to work and settling into normalcy despite the virus. The state government deemed that evictions could return.
It has led to a mixed reception from both tenants and landlords. Landlords can begin their business once again after losing over a years’ worth of rent. And while many have recovered financially, others are still struggling. However, the government believes that the economy will be affected significantly if this moratorium goes on any longer.
While the moratorium officially ended in November 2021, some cities opted to push it to the following year. Several areas have decided to extend it for their cities at the start of 2022.
Even though the moratorium was ongoing for quite a while, there was uncertainty with its timeline. This meant that there was very little time to prepare once the official announcements rolled out. Because of this, some cities decided to extend their moratorium. These include:
While most of the population has returned to normalcy, some people have not gotten back on their feet. People who have lost their jobs are struggling to find new opportunities, make end’s meet, and ensure they don’t get behind on rent. The estimate is that around 8% of renters in Washington are late in payments in some form. Some have even resorted to payment plans to pay their accumulated rent but put themselves into even more debt.
The pandemic only heightened what was already a prevalent problem in Washington. A part of the population was having trouble with low wages, and the rising rental prices isn’t helping them. While landlords can evict, several agencies believe it is still the last resort. Some landlords are offering different payment options to help with their tenants.
Not all of them will have the same luxury. Many landlords also have to find means and earnings. They cannot risk their property staying free for a long time without paying back their investment.
With hundreds of thousands unsure of their future status, we may see a shift in the housing markets. The removal of the eviction moratorium will likely leave many rental properties open in the coming months. Some government officials believe that an extension is still necessary. They say that the government has failed to provide ample financial support to those in need, and many of the renters affected negatively are in agreement.
However, the effects of the pandemic on the U.S. financial system will also likely show in the coming years. Considering the extent of government aid initiatives, many economists anticipate hyperinflation that could raise prices and create financial strain on tenants regardless.
The end of the eviction moratorium may be a sign that the U.S. is aiming to move past COVID-19. While there are still threats of variants, vaccination has been a positive development in various parts of the globe. However, one cannot say that its effects have not been significant. Many people lost jobs, businesses went under, and renters suffered consequences.
In light of these changing conditions, it pays to have a property management company on your side to collect rent payments and more. Contact Preview Rentals today to find out more about our property management services.
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