WSJ - Evictions surge in major cities in the American Sunbelt

 

WSJ - Evictions surge in major cities in the American Sunbelt. Highlights below. 

The Facts: 

Tenant evictions look stuck at elevated levels in several concerns of the US.

Evictions are up 35% or more compared to 2020 norms.

The includes Las Vegas, Houston and Phoenix where landlords filed more than 8,000 eviction notices in January.

Overall, eviction notices were up 15% or more in 10 of 33 cities tracked by Eviction Lab.

“Increased rents have made it difficult for a lot of households in many areas and you can see that reflected in the eviction filing increases”.

About a quarter of renter households in American spend 50% of more of their income on housing, according to Harvard University Joint Center of Housing Studies.

GoFundMe said eviction related fundraisers have risen 40% since before the pandemic and 10% from May to June.

Weitz – I don’t think GoFundMe as popular pre-COVID so I’ll take this with a grain of salt, but 10% increase in a month is worth noting.

Overall, this is more evidence that the underlying isn’t as strong as the stock market or ‘experts’ would think. I expect this trend to continue unfortunately in the short to intermediate term. 

For more information on Snohomish County Commercial Real Estate, consider contacting our firm. 

Weitz Commercial

Scott@WeitzCommercial.com

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Scott Weitz