After several extensions, The Centers for Disease Control and Prevention (CDC) rental eviction moratorium for nonpayment of rent and the Federal Housing Finance Agency (FHFA)‘s foreclosure moratorium on government-backed properties expired on July 31, 2021.
The situation remains fluid, however, and the cessation of the moratorium was short-lived. Already, the FHFA has opted to suspend evictions on real estate owned properties until September 30, 2021 and the FHA, VA and USDA have similarly extended its eviction moratorium for mortgages under their remit.
Moreover, the Biden administration issued a new moratorium on August 4, 2021 that will be in effect at least until October 3, 2021 for covered persons in areas with large coronavirus outbreaks. At the time of writing, this moratorium applies to the majority of U.S. counties and will likely be challenged. It remains to be seen whether any of these initiatives will become effective.
In this report we take a closer look at:
- The risks facing multifamily properties
- The state of the single family property market
- A city-by-city breakdown of eviction resilience
- Strategies for investors into the multifamily investment market