CBS4's Hank Tester shares some tips from the managing editor with Rent.com.
- And new at 6:00, with the pandemic eviction moratorium now in place until June 30, renters behind on their payments are spared the threat of eviction. But as CBS4's Hank Tester reports, they need to be ready for that moratorium to not be extended further.
HANK TESTER: The Biden administration has extended the federal eviction moratorium through June 30, 2021, a reprieve, again, for renters behind in their payments. But come July 1--
BRIAN CARBERRY: And I think the main thing that people need to remember is that just because this moratorium has been extended for another three months doesn't mean that renters won't have to pay back some of that back rent that they owe.
HANK TESTER: Brian Carberry is a managing editor with Rent.com, a nationwide renters location service, has a huge rental database.
BRIAN CARBERRY: And if they're unable to pay their rent now, chances are the next three months they're not going to be able to pay their rent as well. And then come June, they're just going to owe more money in the end.
HANK TESTER: Stimulus funds might help. Unemployment checks might help. Local and state programs may help. They may help slice into the renter's obligations. But as we have learned from food distribution agencies, it takes 18 to 24 months for the out-of-work to recover when the economy picks up. Come July 1, according to Brian Carberry--
BRIAN CARBERRY: But when it finally does end, there's going to be a lot of people that owe thousands of dollars in back rent. And as of right now, there's really no good way to help these people out.
HANK TESTER: And there are the landlords, big corporations with mega loans who have started eviction paperwork. And mom and pops, they, too, in the money crunch, mortgages to satisfy.
BRIAN CARBERRY: They're a mom and pop landlord renting out a room in their house or whatever it might be. They still have a mortgage to pay. And if they're dependent on that rental income, they're hurting as well right now.
HANK TESTER: Not a pretty picture, especially for Dade and Broward residents, where rents are already pretty high and economic sectors like tourism, the service industry still struggling. On the horizon, this potential.
BRIAN CARBERRY: But at the end of the day, in order to recoup some of that money, you may see some of these landlords increase rents when it's time to do so to recoup some of that money.
HANK TESTER: Behind in your rent, possibly eventually facing eviction? Well, your financial ducks need to be in a row right now. You need to get organized, because paperwork for relief from some agency is extremely complicated. If you want more information, we've got it on our website, CBSMiami.com.
I'm Hank Tester, CBS4 News.