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Nationally, according to a survey by the National Rental Home Council, about 23% of small landlords, those owning between one and three single-family homes, planned to sell at least one property due to difficulties caused by the eviction ban.
A report by Reuters finds that small landlords impacted by COVID and the resulting regulations are offloading their properties to institutional investors, broadly defined in the industry as firms owning more than 1,000 units. The increase of big investors in the market is anticipated to mean higher rents and less affordable housing.
Locally, some of Seattle’s small landlords say the wave of new rental rules is changing the city’s rental market, and they feel they’re being forgotten. A landlord consultant reported that the increase in regulations is impacting landlords and in a strong seller’s market many have decided to sell and reinvest elsewhere, thus reducing the pool of affordable housing.
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Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.
