Landlords Crushed by Eviction Bans Rush to Sell Properties, Stifling Rental Market
Debi Stobie intends to sell one of her two suburban Denver rental homes when the family who lives in it moves out at the end of the month.
When the tenant of her other rental house eventually leaves, she plans to sell that one, too.
Stobie and her husband also are considering selling the 24-unit apartment complex they own in the Denver area. Stobie’s husband bought the complex 23 years ago. It’s their main source of income. “If the right opportunity came along, we wouldn’t hesitate much,” she said.
In Stobie’s view, over the last couple of years there have been so many new layers upon layers of uncertainty for landlords – pandemic-related lockdowns that forced her tenants out of work, a federal eviction moratorium and other government edicts that allowed renters to stop paying for over a year – that the rental business has become “a crapshoot in a way that it’s never been before,” she said. She and her husband are ready to get out.