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News and Events

Eviction Wave Still at Sea: Will It Make Land?

via MultiHousingNews.com Paul Fiorilla of Yardi Matrix sheds light on how the multifamily industry continues to brace for an increase in missed rent payments. The eviction moratorium announced this week by the Trump administration ended fears of an immediate wave of evictions. But the eviction ban, in effect through the end of the year, merely postpones the inevitable problem if double-digit unemployment rates persist and federal aid remains stalled in the U.S. Senate.

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Tenants Get Creative as They Look to Exit a Lease

via GlobeSt.com If a store can’t survive, a buyout may be the best option. If a landlord thinks a tenant can survive after the COVID economic crisis passes, they’re usually motivated to work on payment plans, according to Luis Martinez-Monfort, founding partner of law firm Gardner Brewer Martinez-Monfort. “The appetite to work through forbearance from both the tenant and landlord is pretty high because I don’t think landlords believe, dependent upon the type of tenant they have, that there’s someone who’s immediately going to backfill a space,” Martinez-Monfort says. Read More..

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Landlords Increase Apartment Concessions To Draw In Tenants

via GlobeSt.com More than 30% of rental listings on Zillow in July featured concessions, compared to 16.2% of listings in February and 12.5% last July. Landlords are increasingly willing to offer concessions or perks to potential tenants rather than lower rent as the pandemic impacts the rental market, a new Zillow study found. The survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July. Those concessions can range anywhere from a month off rent, free access to a parking space or even a gift card, according to the study. Read more..

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A Closer Look at California’s AB 3088

via GlobeSt.com The act is a temporary solution meant to provide some level of certainty to renters, modest protections for small landlords and time for the state to determine what additional relief may be needed. In the final week of the legislative session in California, the governor and legislative leaders struck a deal on eviction relief for residential renters and foreclosure protections for small landlords financially impacted by the COVID-19 pandemic. California Assembly Bill (AB) 3088, known as the Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020 (the Act), received legislative approval before the midnight deadline on Monday, August 31, and Governor Newsom signed the bill shortly thereafter. The new law, effective immediately, allows the state to delay the anticipated resumption on September 1, 2020 of unlawful detainer actions by California courts. Assembly Member David Chiu, the author of the Act, explained that AB 3088 is a temporary solution meant to provide some level of certainty to renters, modest protections for small landlords and time for the state to determine what additional relief may be needed in the future. Notably absent from the bill are any protections for commercial real estate tenants and landlords.

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Apartment Rent Payments Fall for Third Straight Month

via GlobeSt.com Apartment rent payments continued their downward drift in August. But the industry’s eyes are focused on September, as states try to fill in the gap from expired unemployment benefits provided by the CARES Act. The number of households paying rent through August 27 stood at 92.1%, down from 93.3% in July and 94.2% in June, according to the National Multifamily Housing Council’s Rent Payment Tracker. The rate was down 1.9 percentage points year-over-year from August 2019′s 94%. Read more..

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CDC Declares Eviction Moratorium That Will Last Until Year’s End

via GlobeSt.com The Centers for Disease Control and Prevention is using its quarantine authority to temporarily halt evictions in order to keep COVID-19 from spreading. This order will take effect immediately and last until Dec. 31, 2020. Renters must say they are not able to pay their rent or are likely to become homeless if they are evicted. People earning under $99,000 a year or couples earning less than $198,000 a year are eligible. Read more..

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California governor signs eviction relief bill amid virus

via APnews.com SACRAMENTO, Calif. (AP) — Californians who haven’t paid their rent since March 1 because of the coronavirus can stay in their homes through at least Jan. 31 under a new state law Gov. Gavin Newsom signed late late Monday — one day before statewide eviction protections are set to expire. The pandemic has devastated California’s economy, causing millions of people to lose their jobs as the government ordered businesses to close for months to slow the spread of the disease. In April, the Judicial Council of California — the rule-making authority for the state’s court system — halted most eviction and foreclosure proceedings during the pandemic.

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Everything You Ever Wanted to Know About A.B. 1482: The New Statewide Rent Control and Tenant Protection Law

via aptmags.com The New Statewide Rent Control and Tenant Protection Law Despite the overwhelming voter turnout against 2018’s Proposition 10, Assembly Bill 1482 was passed by the State’s Legislature and became effective as of January 1, 2020. This new law imposes statewide rent “caps” and just-cause eviction rules throughout the State of California. During this webinar, we will cover what this law means for rental housing providers, including the imposed rent “caps,” just-cause eviction rules, exemptions from the law’s rent regulations and tenant protection rules, “at-fault” and “no-fault” tenant evictions, required relocation payments, and required new disclosures. While the law is relatively new and certain issues were not fully addressed and explained by the Legislature, this presentation will provide a well-needed overview of this complicated and often confusing new law, and its restrictions and requirements. Read more..

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Do Rent and Eviction Moratoriums Violate Landlords’ Constitutional Rights Under the Contract Clause?

via aoausa.com You might be surprised to learn that the U.S and California Constitutions both contain clauses that unequivocally prohibit and law - whether state, local or administrative - from "impairing" contract rights between two parties. This clause is called "Contract Clause," and it is supposed to protect contract rights - including in private contracts - like, for example, lease agreements. read more..

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