New Ruling on Memphis Eviction Moratorium
Many property management companies and landlords have been greatly impacted by the eviction moratorium, which was recently extended to June 2021. However, we are excited to report that a recent ruling in the Tiger Lily LLC et al v. United States Department of Housing and Urban Development et al case, led by a small group of homeowners in Memphis, declared the states of MS, TN, AK, and TX to be exempt from this moratorium extension.
Click here to read an article from NCLA Legal about the ruling.
The attorney who represented this group of homeowners stated:
“The Court’s ruling is both of national significance and fundamental importance. We are grateful to Judge Norris for his reasoned decision which puts an immediate end to the serious and unlawful infringement on constitutional standards and fundamentally protected rights.
We are proud to have successfully defended the rights of owners – both big and small – and now call upon state and local government to take lawful efforts to help tenants remain in their homes during this uniquely challenging time and to ensure that the funds allocated under last week’s American Rescue Act are quickly and efficiently distributed to those most vulnerable and in need.” – Josh Kahane (WREG Memphis)
Due to Meridian Property Management’s (MPM) strict tenant screening process, MPM has succeeded in keeping eviction rates low during the pandemic. There was a 58 percent decrease in evictions from 2019 to 2020 (12 down to 5), and there are zero evictions to date in 2021. This coincides with a consistent track record to maintain the lowest vacancy levels (which typically remain below 4 percent). Our lease renewal rate has remained steady at 74 percent while rent collections have stayed north of 99.5 percent throughout the last year.
This is great news for our investors as Meridian is now allowed to move forward with any evictions needed and focus on placing high-quality tenants in their homes. We will continue to provide the most informed information and updates.