As the COVID-19 epidemic wanes and vaccination rates improve, the Las Vegas real estate market has been exploding. With inventory decreasing as prices continue to rise, there is an abundance of buyers but not enough homes. Experts believe that the end of the federal eviction moratorium, which took effect July 31, will stabilize housing supply and costs.
The situation is great for sellers as median home prices in Las Vegas have gone up by more than 20% from 2020. Still, unfortunately, it’s forcing many first-time and beginning-level homebuyers out of the market. People who were unable to pay rent due to the epidemic may face eviction proceedings due to the end of the moratorium, which kept individuals from being evicted from their homes during its peak. As a result, many homes will soon enter the Clark County market, according to experts.
An Affordable Housing Crisis
Las Vegas is in the midst of an affordable housing crisis with the highest percentage of renters among large metropolitan areas. More than 60 percent of residents are rent-burdened, meaning they spend more than 30 percent of their income on housing. Las Vegas also has one of the lowest vacancy rates in the nation at 3.5%. These factors have created a severe shortage of affordable housing options for residents, and the Las Vegas City Council is working to address this problem with rental assistance options.
The Southern Nevada Eviction Prevention Program
As Las Vegas continues to recover from the COVID-19 epidemic and the housing market stabilizes, there has been a push for greater government involvement in housing affordability. The Las Vegas City Council recently approved legislation that would create an eviction prevention program to help local Las Vegas residents avoid eviction by providing them with rental or deposit assistance.
The Southern Nevada Eviction Prevention Program is a pilot program designed to help Las Vegas residents avoid eviction and homelessness through a rental assistance application. The new eviction assistance program is a partnership between Clark County, Supreme Court Chief Justice James Hardesty, local justice courts, the state, and regional cities, and the Legal Aid Center of Southern Nevada. Although not a moratorium on evictions in, the program may assist qualifying families avoid an impending eviction by providing financial assistance for up to 12 months of back rent and legal guidance, mediation between tenants and landlords, and other services as required.
What Can Struggling Landlords Do?
Landlords and property managers are encouraged to work with struggling renters if they have difficulty paying their rent, and there is concern that potential eviction notices may be on the horizon. Property managers are also encouraged to take proactive steps to negotiate payment plans with renters by collaborating with Nevada government agencies and other entities that participate and support a rental assistance application.
- Although they are invited to participate, landlords have the legal right to refuse to participate in the rental assistance program and proceed with eviction proceedings.
- Property owners who participate in the eviction prevention program receive up to 12 months of back rent in return for agreeing to drop the eviction case and promise not to evict the renter for non-payment of rent for the subsequent 60 days.
After 60 days, the eviction case is dismissed, and renters are again considered in good standing with their landlord. Landlords do not lose any rights if they accept assistance through the program, and tenants may be asked to repay Nevada government agencies for the financial aid received.
What Does This Mean For Las Vegas Renters?
Although a tenant should continue to make their monthly rental payments despite the end of the eviction moratorium, they may benefit from participating in the Las Vegas Eviction Prevention Program for rental assistance if they have difficulty meeting their financial obligations.
A tenant who qualify for the Las Vegas Eviction Prevention Program will be afforded protections and assistance not provided by Federal laws to help prevent evictions. The tenant who participates in the program can receive up to 12 months of back rent and 60 days to regain compliance with their landlord.
Tenants who do not participate in the program risk being served an eviction notice unless they develop a payment plan. Renters who are evicted risk losing their homes to homebuyers, real estate investors, and real estate speculators.
What’s The Bottom Line?
Clark County renters are encouraged to make their rental payments even if they have difficulty doing so. Still, they should also consider participating in the Las Vegas Eviction Prevention Program if they have back rent obligations. Tenants who participate in the rental assistance program may avoid evictions proceedings and court costs, secure rentals at a reduced cost, and rent homes from landlords and property owners who are more inclined to negotiate payment plans with them rather than evicting them.
What If Enough is Enough, and You Want Out?
Rocket Eviction has another solution if you are overwhelmed by your rental property’s financial drain and stress. If you’re a distressed landlord or owner and have had enough, the best option may be to sell it. Imagine being able to move on with your life after selling the property and no longer having to deal with tenants’ aggravating issues. When landlords sell their rentals, they frequently gain new mobility and freedom.
We have various methods for purchasing undesirable rental houses from landlords such as you who are weary, irritated, dissatisfied, and want to get their lives back on track. We comprehend the difficulties that come with managing rental property and want to assist you in alleviating them. We’ll work with you to sell your current property at a reasonable price and give you the freedom to seek a better life.
Contact us today for a free, no-obligation consultation on how we can help you.