July 13, 2024

Real Estate Evictions and Lease Defaults

America is in a major Housing Affordability Crisis in 2022.

Rental Rates are up by over 15% in the last year, leaving many renters and future homebuyers with no money. Many of these renters are not paying rent, which could lead to a massive wave of evictions in 2022 and a real estate investor sell off.

Real Estate Evictions and Lease Defaults

Real Estate Evictions and Lease Defaults - California's Push Against Private Real Estate

The US Rental Market saw a big decline in evictions due to three US Government Policies: 1) the Eviction Moratorium, 2) Stimulus Checks, and 3) Renter Assistance Program. Even though many tenants defaulted on their leases during the pandemic, these policies prevented evictions and put money directly in the pocket of landlords, artificially stimulating the Housing Market and creating a Rental Bubble.

When no one can be evicted, the result is a shortage of available housing units. This has been a major contributing factor to why rent has surged across America. Particularly in cities such as Austin and Las Vegas, where rents are up by 25% YoY. But ultimately this is not sustainable.

With the government programs rolling off, tenants around America are left to pay rents they cannot afford. This will inevitably result in a wave of lease defaults and evictions in 2022. Eviction filings are already up significantly in the following cities: Houston, Fort Worth, Las Vegas, Columbus, Milwaukee, Austin, and Dallas.

This eviction surge could soon spread to the rest of the country, leaving a significant amount of vacant rental units and creating a Rental – Housing Crash.

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