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via TheREalDeal.com Los Angeles County renters have gotten another reprieve. The Board of Supervisors on Tuesday extended its coronavirus eviction moratorium through the end of September, according to the Los Angeles Times. The measure bars landlords from evicting tenants who suffered a financial hardship brought on by the pandemic. Read More..
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via theRealdeal.com With the eviction moratorium scheduled to expire next week, Gov. Gavin Newsom is meeting privately with legislative leaders to discuss whether to approve an extension. A reprieve for tenants would infuriate landlords who have urged lawmakers to allow the ban to expire on June 30, which is also when the federal moratorium ends. Read More..
via Newsweek.com California is paying off residents' past due rent that was accrued during the COVID-19 pandemic, giving renters a clean slate, Gov. Gavin Newsom announced recently. The state's $5.2 billion in funds from Congressionally-approved aid packages is enough to pay off overdue rent, according to Newsom's senior counselor on housing and homelessness, Jason Elliott, the Associated Press reported. However, just $32 million out of $490 million in requests for rental assistance through May 31 have been covered so far, according to a California Department Housing and Community Development report. Read More..
via GlobeSt.com The rate at which retail and lodging loans are moving into foreclosure is far short of the levels predicted when the pandemic gripped the country last March, with just 12 loans representing $270 million of outstanding balance officially beginning the process. A new analysis from Moody’s Analytics REIS also shows that the rate at which loans for those sectors are being modified has also decreased markedly after reaching a peak early last summer. A temporary spike in the rate in December yielded to a sharp decrease early in Read More..
via GlobeSt.com Total retail rent collections approached 91% last month, the first time since March 2020 that collections eclipsed the 90% mark. May collections clocked in at 90.85%, up more than a percentage point over April figures, according to new research from Datex Property Solutions. National tenants performed even better than the national average, at 94.27% (versus 93.45% in April). Rent collections among non-national tenants came in at 87.12%, nearly two percentage points higher than April’s figure and only 1.4% off its 2020 high. And collections for both national and non-national tenants are now less than one percent from their peaks for all of 2020; at this point last year, aggregate collections were down 48% from current numbers. Read More..
via GlobeSt.com As the weather heats up, so too does the fight to end the Centers for Disease Control and Prevention’s pandemic-related eviction moratoriums and restore landlords’ ability to take legal action against delinquent renters. And one of the groups driving the push is the New Civil Liberties Alliance, which presented oral arguments via teleconference before the U.S. Court of Appeals for the Eleventh Circuit in Brown v. CDC, an eviction moratorium lawsuit against the Centers for Disease Control and Prevention. Read More..
via GlobeSt.com Salons and hair led the biggest month-over-month gains in rent collection in April, with increases of 8.21% and 9.97%, respectively, according to the latest Datex Property Solutions’ Tenant Track Report. They were followed by home goods (5.7%), drug stores (4.54%) and fitness (4.24%). The latest figures demonstrate how far the economy has come from rent collection lows a year ago, when the pandemic froze virtually every facet of American commerce. In April 2020, rent collection percentages dropped 35% from March numbers to 59.73%, and 62.97% for national chains. In April of this year, collections reached their highest levels post-pandemic 89.42% in aggregate and 93.44% for national chains. Read More..
via GlobeSt.com The flex office market already looks like it will see a comeback. Indicators range from the resurrection of WeWork into a publicly held company through a SPAC to a deal with JLL to market and lease co-working spaces in 38 locations across seven U.S. cities. A JLL survey of 2,000 office workers showed that two-thirds want to work from different locations, suggesting that after a pandemic, there may be multiple places as good as, or better sounding, than another day at home. Read More..
via CAANet.org Gov. Newsom today announced his intent to pay rental housing providers 100% of rent that’s gone unpaid because of COVID-19. “This is certainly welcome news, and we applaud Gov. Newsom for his commitment to making rental housing providers whole,” said Tom Bannon, chief executive officer of CAA. “Many of our members have provided housing for more than a year without compensation. We thank the governor for understanding the difficulties that both tenants and rental property owners have endured during the pandemic.” Read More..