This is kinda shocking - not that the rates are rising, but that after the drumbeat we've been hearing about the coming eviction-pocalypse, it hasn't happened. Seems that there'd be pent-up demand for eviction after 1.5 years of not being allowed to, which would result in a much higher rate for a while until it leveled off. Guess that didn't happen!
850/month, what a dream. I haven't seen that rate in a few years and I'd have to give up in-unit washer/drier to get that.
Even within cities it doesn't help, it is down to neighborhoods and streets. These threads seem to devolve into "It is so expensive in XYZ" or "You can get 5 homes in ABC."
I wonder if the rent rates tell a story of certain housing areas and things happening there.
(edit) - typo
Finding meaning in this is hard. Is there any list of the areas? Knowing the areas would allow for some deeper analysis. For example, is an area one that is trying to operate as it did pre-pandemic?
Any analysis of what this means makes a lot of assumptions.
> The renters which are most behind on rent face the highest eviction risk.
Isn't this always the case? Is there a time this isn't the case?
> On average, renters are behind three months’ rent and owe $2,550.
On average, renters aren't behind. It's renters being evicted. So, renters being evicted are, on average, those that are 3 months behind in paying their rent. Is eviction after 3 months of non-payment typical? If not, what is?
Doesn't seem like a problem?
This will likely be a good thing for most renters.
Small landlords are losing not only their rental properties and their homes and are up to their eyeballs in debts in many cases.
I'm not sure that word means what you think it means. >40% of all rentals are owned by individuals, and if you take large multi-unit apartments out of the equation that rises to >72% - that's your "mom and pop" rentals, which by most judgements would take it from the realm of specious and put it smack dab in the realm of the common.
It's quite common for retirees to own outright or invest in rental property - evenly grandfather, who never made more than $10/hr working at a lumberyard for his entire life owned some rentals in his retirement.
Those are the people who are actually hurt by eviction moratoriums.
Greedy corporations are the problem and they’ve been doing since before the current Pres.
1. https://www.nar.realtor/blogs/economists-outlook/landlord-st...
2. https://getflex.com/blog/landlord-statistics/#:~:text=The%20....
The maximum profit is renting to someone that can barely afford to pay, but also desperately doesn't want to leave. In total, I probably made a 13th months rent each year in fees. You are leaving money on the table renting to people that can afford to pay on time.
For everyone wondering why landlords get a bad reputation, this right here is the reason. It's also what people mean when they say "It's expensive to be poor".
There are a lot of nuanced variables that are hard to enumerate, but maximizing revenue is not evil.
My tenants voluntarily chose to sign a rental agreement, were aware of the terms of that agreement, I was always in compliance with all applicable laws on rent and fee collection, and when my tenants lease was terminated, it was always voluntarily and with all parties leaving on good terms.
I agree it is expensive to be poor, but I disagree that maximizing fee collection is why people hate landlords - lying about terms in the lease, violating local laws, denying applicants based on protected status, refusing repairs, trespassing, unlawful evictions, etc.
You can hate me for what I did though, I can't change that. I wish you luck.
While a landlord might find a way to make some money from an eviction, the main way they make their money is by getting the rent paid. That's what they evict for, so that they can get someone else who will pay them occupying that unit.
And, if they evict for non-payment of rent, I think they get to keep the deposit, and I don't think that's "stealing". That's part of what the deposit is for. What's stealing might be occupying their place without paying the rent, if you think about it.
And, winning in court doesn't mean you get paid. If they didn't have the money to pay the rent, they usually don't have a huge wad of cash sitting around to pay the back rent + court costs. So, you won in court, enjoy your nice victory that you can't collect.
By coupling this information with research from across the web, we’ve obtained the following findings:
Evictions increased by 25% due to both federal and state moratoriums expiring. Southern states experienced higher eviction rates. The rates of evictions served are approaching pre-pandemic levels in certain areas. The renters which are most behind on rent face the highest eviction risk. Statewide eviction bans had a more significant impact than federal moratoriums. On average, renters are behind three months’ rent and owe $2,550.
Check out our blog to explor data-backed insights about the COVID-19 eviction crisis across the U.S.