I've been seeing lots of things recently talking about how the real estate market is going to tank after the COVID relief for eviction moratorium and mortgage forbearance wear off. I'm not going to try to get out my crystal ball and guess what the market will do, but the way I see it is that the effect those things will have will be more localized and micro rather than a macro effect across the whole country. The effect COVID has had on certain markets is very different that it's had on others (the Idaho market has seemed to thrive in many ways).
Personally we own/manage several rental properties across the Treasure Valley (both long term and short term rentals) and haven't had anyone with issues paying rent because of COVID (in fact, vacancy rates have gone way down and rents have gone way up), but I know we have a small sample size to go off of. I want to know what kind of effects COVID has had on investors in Boise and across Idaho. Have you had renters not being able to pay rent and using the eviction moratorium? Have you seen the need for mortgage forbearance? Any hot takes on what the Boise/Idaho market could do over the next 12 months or so? Curious to hear everyone's thoughts!
I cannot speak to the Treasure Valley directly at this time even though I reside here but I do have a two rentals in Bermuda and have long-term tenants. One being there for almost 30 years and the other 8 years. COVID has put the tiny island on lockdown on many occasions ( one lockdown ending today) and has not affected my rental income at all. It seems as though that mortgages being recalled is why apartments end up empty in Bermuda because landlords don't have reserves and uses the rent to live off of. There was also a call from the Premier for landlords to be linent towards their renters. I do not believe they had a moratorium per say. I am following this thread to learn more about the TV but it doesn't appear to be affected by Covid. If locals are struggling and having to leave their units, recent move-ins could be filling those units quickly.
Thanks @Patrice Ward , that is an interesting perspective on what's happening in Bermuda, and I think you're spot on with the supply of renters in Boise.
I'm in a similar boat @Brandon Pelfrey . I have a few units, and was not affected by any of the national moratoriums. I even acquired a duplex recently, but because the former tenants were on a month-to-month lease, we only had to terminate tenancy, not evict. No problems there!
My guess (and it's purely that) is that the densely populated coasts will be hit somewhat harder by mortgage woes. This will cause further outflux of people fleeing deteriorating economic situations caused by governmental decisions made during the pandemic. It breaks my heart that beautiful parts of my hometown are now tent cities.