In my time in real estate I have never seen so many small multi-unit properties on the market. When the federal eviction ban was enacted last September to prevent people with financial hardship from being evicted during the pandemic it helped tenants but didn’t take into account small landlords, many of whom have struggled to collect their monthly rent checks and some have even gone into forbearance on their mortgages.
It appears landlords that only have a few units are now selling at greater rates because they can no longer afford to cover their costs. Some landlords had been holding on with the belief they could begin evicting tenants who are not paying rent when the national ban on evictions expired last week.
The White House let the ban expire but then reversed course last Tuesday, issuing a 60-day extension that will apply to counties with elevated COVID-19 infection rates due to the spread of the Delta variant. It is a tough time to be a small landlord.