Some scary numbers just dropped: evictions are 50% higher in some cities compared to before 2020! Apparently landlords are working really hard to be the most hated people on the planet. Except for that dentist who shot Cecil the Lion. He’s still at the top of the list.
Here’s Five Fast Facts on Eviction Rates:
- 🏘️ Yep, The Pandemic - During the pandemic, the government, states, and localities all issued moratoriums on evictions. Those moratoriums and the $46.5B in federal Emergency Rental Assistance have ended. It’s now time for the Landlord Super Bowl.
- 🏠 Nothing for You - Turns out the people who benefitted from those programs have been unable to find a steady job or their earnings haven’t kept up with inflation. Jeff Bezos went to space, though… So, there’s that.
- 🏡 Switch Flipped - Evictions started picking up steam last year, hitting pre-pandemic levels by December 2022. And then the landlords said “hold my beer.”
- 📈Upward and Upward - Part of the problem is rent. Rent prices are up nationwide about 5% from a year ago and 30.5% from 2019. Worse, evicted tenants sometimes have nowhere to go: there’s a shortfall of affordable rental units nationwide. Experts suggest we need 7.3 million units to house low-income families.
- 🏚️ Hotspots - Cities like Houston, Nashville, and Phoenix, and states like Rhode Island all have been hit very hard. Of particular note is Minneapolis, where eviction rates rose a mind-boggling 106% in March 2023. It’s no coincidence that’s right when rent control legislation was overturned by the state. Mr. Roper is getting revenge there.
🔥Bottom line: Look, no one wants anyone to be homeless. And sure, landlords are indeed running a business, but that doesn’t mean they can’t have compassion. Hopefully the housing market will course correct and homes and apartments will become available soon.
Do you know anyone who has been evicted this year?
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