Some Renters of Vacation Homes Won’t Leave

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Real Estate

Some Renters of Vacation Homes Won’t Leave

According to an article in National Association of Realtors website (May 22,2020) “as no-eviction orders went into place due to the COVID-19 pandemic, some landlords are finding tenants taking advantage of the situation by squatting in short-term rental properties”. The properties they are referring to are in the high demand vacation areas (like the Hamptons in New York).

As an example a property that receives an off season monthly rate of  $3,600 per month could receive $15,000 during the summer months.
According to the article some short-term renters who moved into homes prior to the coronavirus outbreak are refusing to leave. New York Gov. Andrew Cuomo enacted a moratorium on evictions until at least August 20th to protect renters and this is how some short term renters are taking advantage. Although they are obligated to pay the rent they owe, the Landlords can’t evict them. To incentivize renters to leave some landlords are offering cash to encourage them to vacate so that the owners will be able to charge the high season rates to other renters this summer.

What a crazy world we are in right now!