- June 30, 2021
- Posted by: Stratford Team
- Category: Business
While the CDC has recently said its latest extension of the federal eviction moratorium will be its last, several state moratoriums remain that multifamily landlords have to navigate.
And that’s forcing some mom-and-pop landlords out of business, Robert Pinnegar, CEO of the National Apartment Association, told CNBC in a recent interview.
Landlords owning one to five single-family rentals account for 88% of the 14.9 million SFRs across the country, Pinnegar said—and he maintains that in a recent survey, 11% of them say they’ve sold one property as the result of the pandemic. And 12% have sold their entire portfolio.
“These small owners who didn’t have the cash to survive this are simply cashing out to try and save their retirement income,” he told CNBC.
It’s a move some housing advocates say jeopardizes affordable housing, since many of those transactions included institutional buyers. The $3.4 trillion SFR market is expected to…
