Protecting Rental Property Owners

The COVID-19 Pandemic has highlighted the need for immediate reforms to make property owners whole
The COVID-19 pandemic proved to be detrimental to rental property owners. Due to state and nationwide eviction moratoria many rental property owners were left with dwindling or non-existent rental payments from their tenants.
Protecting Rental Property Owners
While many tenants worked with their landlords to be able to make accommodations, some did not. This left property owners on the hook for their mortgages and property upkeep because moratoria prohibited eviction even for broken lease terms unrelated to the pandemic.
Although state and federal rental assistance helped, the Wisconsin REALTORS® Association believes that through legislative action there are ways to help make rental property owners whole for the losses they have incurred during the pandemic.

Rental property owners should not be required to assume the debts of tenants who are unable to pay their municipal utility bills. Currently, lawmakers are considering proposals that clarify landlords may deduct, for income tax purposes, the amount of any unpaid municipal utility bills that landlords pay on behalf of their tenants. This tax deduction would help alleviate the financial burden landlords have suffered over the course of the pandemic.

Tax deduction for pandemic-related losses combined with the lifting of eviction moratoria should lead to a better future for rental property owners and their tenants.

Additional Resources
CNBC – He was 4 months behind on his rent. Why his landlord never mentioned eviction
WLUK – Landlords struggling, rent costs increasing amid pandemic