How will the lifting of the eviction ban affect your home’s value?
Are you concerned about how the end of the eviction ban here in California is going to affect your home’s value?
As of October 2021, the California eviction ban was lifted, allowing property owners to remove their tenants so long as they had good cause. We still have local rules in place that dictate the scenarios under which you’re allowed to evict. However, if you have an uncooperative tenant who has either not paid their rent or is in breach of their lease, you can now file an unlawful detainer and remove that tenant from the property.
Eviction is unfortunate for the tenants involved, but everyone needs to pay their rent. Many mom-and-pop property owners have suffered in the last year due to tenants not paying rent, which they need to pay their own mortgages. California is a tough state to be a landlord in, and many landlords have or are considering retiring from property ownership altogether. Some are even looking for opportunities to sell their California assets and relocate to more landlord-friendly states.
Tenets who get evicted will likely have challenges finding new rentals, given that their past will be reported to their next potential landlord. This means that rent prices will likely increase due to tenants taking advantage of the eviction ban. Now might be the time to consider looking at buying rentals, especially in the detached sector.
If you’re having issues with tenants and want to know your rights as a landlord, we can connect you with attorneys who will help you through the process. And if you’re looking to sell your rental property, we’d be happy to refer you to the right people to help you take those next steps. Just give us a call or send us an email. Hope to hear from you soon!