OWNERS NEWSLETTER - JUNE 2020

OWNERS NEWSLETTER – JUNE 2020

EVICTIONS – Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), landlords are temporarily prohibited from filing evictions for non-payment of rent or charging late fees or penalties for non-payment of rent for a period of 120 days beginning March 27, 2020, through July 25, 2020. During this period, landlords are also prohibited from issuing notices to vacate for non-payment of rent. The Department of Housing and Urban Development (HUD) has just extended these renter protections through August 31, 2020. 

RENT COLLECTIONS – The CARES Act does not forgive renters of their obligation to pay rent and renters can still be evicted for non-payment of rent albeit after the protection period ends. As with the month of May, we were once again successful in collecting 100% of all rents due this month. The threat of legal action (delivering an eviction notice), actually filing to have a renter evicted, and assessing late fees have long been essential tools that enable property managers to enforce the rules of the lease contract and compel renters into compliance. Absent the leverage these actions provide, the anticipated result would be a high number of non-payers on any given month. As I stated in my last newsletter, our leasing staff has done an excellent job communicating and working with COVID impacted renters. Achieving 100% rent collections under the current circumstances is exceptional and illustrates the importance of having a truly professional property management team representing you.   

RENTAL MARKET – May’s high demand and limited supply of rental housing has continued into June. As of the writing of this newsletter, we have only three single-family homes available, two of which were just added to our availability list and one already has an application pending. We leased twenty-five properties last month and ended May with 99% of our inventory occupied. Rental rates are continuing to rise upon lease renewals and as properties become available. In over thirty-four years, I cannot recall a time when the housing market has been this robust.  

Related: Copperas Cove Rental, Real Estate, and Residential Property Management

I-14 HAS NEW NAME – Earlier this year, state legislators passed SB 2156, which officially designated Interstate 14 as the First Cavalry Division Veterans Highway. 

David Gerke

Broker