Covid-19 and the downstream effects of the policies and government response to the situation have had a measurable impact in all sectors of the economy. From eviction moratoriums to reduced employment opportunities and supply chain issues, everyone has been impacted.
The eviction moratorium in particular has had a disproportionate effect on landlords, big and small. Measures that are meant to protect people from circumstances outside of their control, such as a pandemic, should include tenants as well as the landlords that own the properties where they live.
How Rent Reporting Helps
Rent reporting is a system that is used for the benefit of both renters and landlords. For any renter that wants to know how to improve their credit score or how to increase their credit score, using a rent reporting service is a great way to do that.
How is this affected by the eviction moratorium? If your tenants had been learning how to improve their credit score by having their rent reported, did the eviction moratorium change this? The answer is no.
What Are the Rules?
The rules are different everywhere. In some states, they have made it illegal to report late rent to a credit bureau during the pandemic. In other states, rent reporting is still happening. For those that want to know how to increase their credit score or how to improve their credit score, rent reporting is still a great way to do it, if you are paying your rent on time.
For tenants, there are funds available through the stimulus packages and other bills have been passed to protect renters. For landlords, there are protections as well, although the rollout of financial aid and the application process has been plagued with problems and hiccups.
The Biggest Effect of the Eviction Moratorium
Through one of the largest downturns in American history, caused by the pandemic, the eviction moratorium has kept people in their homes. However, the eviction moratorium has caused a lot of stress for both renters and landlords.
The renters that owe back rent are stressed about what they will do when the moratorium ends. Landlords that haven’t received rent in months are also stressed because their bills continue to come due, with no income coming in. If those that owe money can’t pay it, what will happen?
The eviction moratorium cannot be extended forever. Landlords need to pay their bills or there will be no affordable housing to rent as they have to sell or are foreclosed on their rental properties. Renters also need to pay their bills or end up needing to find a new place to stay. The situation is not favorable for anyone.
What Does the Future Hold?
As the end of the pandemic draws near and federal and state regulations are scaled back, there will need to be a concerted effort between the government agencies, the landlords and the renters to make sure that everyone walks away from this situation with their dignity intact and their bills taken care of.
CreditRentBoost.com is a rent reporting agency that helps those that want to know how to raise their credit score or how to improve their credit score. Reach out to CreditRentBoost.com today to find out how to improve the credit score of your tenants while increasing the amount of on-time rent payments you receive.