Michigan Real Estate News

Timely  |  Relevant  |  Informative

Tenants Terrorize Landlord: No Eviction In Sight

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Queens, New York landlord, Vanie Mangal, spends her days supporting Covid 19 patients and her nights facing harrassment from her tenants.  Some of her tenants haven’t paid rent in over 15 months, and she has lost over $36,000 in rent. They’ve also destroyed or damaged her personal property. The federal government and the state of New York imposed eviction moratoriums. The moratoriums have hit small landlords especially hard. An estimated 28 percent of New York’s 2.3 million rental units are owned by landlords who have fewer than five properties. Landlords can seek pandemic financial assistance, but the aid is too slow, and it comes with certain strings attached that limit the actions the landlord can take against unruly tenants. 

Rental Market Experiencing Inflation

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With people continuing to work virtually and relocating to less expensive cities, along with the influx of millennials and Gen Z renters, the rental market is beginning to surge as the economy reopens. Rent prices are up 7.5% nationwide, three times more than normal. Experts predict that rent prices will continue to climb. This could be a warning sign that higher inflation is here to stay longer than the federal government has predicted.

Weekly Brief – July 6, 2021

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As the residential market starts to settle back into a normal pattern, buyers are focusing on amenities that made homes appealing prior to the pandemic. However, given the impact of the pandemic and the lockdown, some of these features are receiving extra attention.

Buyers are now favoring more than ever outdoor amenities. Lakefront homes, golf course homes, and homes with “outdoor rooms” are becoming more attractive to buyers, as some are focusing on the ability to enjoy life even if there is a future pandemic leading to lockdowns.

On a (tangentially) related note, I had the opportunity to volunteer at the Rocket Mortgage Classic PGA Tour event at Detroit Golf Club last week. Even an extremely hot day on the golf course volunteering beat a day in the office!