Rental Feeding Frenzy
Currently in Las Vegas there are only a little over 1000 available rentals. Potential tenants need to move on a property immediately, within a matter of a few hours if they have any hope of securing a property. It is not unusual for a new available rental to receive 10-15 applications with over 100 phone inquiries within the first 8 hours.
Nevada Eviction Moratorium
At his time, depending on the specific circumstances, it is still difficult to evict over non-payment of rent. There are instances and situations where you can evict for things like lease violations, criminal activity, or under a “30 Day No Cause”.
Over the course of the entire eviction moratorium and lockdown, the majority of tenants, approximately 70% were still able to and did meet there housing obligations. Of the remaining 30% that were taking advantage of the situation approximately 20% eventually either eventually caught up on their own or with the assistance of a payback program. Of the remaining 10%, about 7% were eventually able to be led into applying for one or the many rental assistance programs available, and we are starting to see checks coming in for those tenants and properties. The remaining 3% of tenants just moved, leaving the individual homeowner out of pocket in most cases owning $15,000 – $25,000 in unpaid rent.
The eviction moratorium is shifting. More and more states are lifting tenant protections as businesses regain a foothold, assistance programs become more readily available, and the pandemic slows down.
