CREJ

Page 10 — Multifamily Properties Quarterly — May 2021 www.crej.com Market Update D espite reports and specula- tion by many major media sources that tens of mil- lions of renters would be displaced, the eviction rate is down 60% from 2019. The federal government has sent out three rounds of stimulus checks, has provided enhanced unemploy- ment, payroll protection act money, over $60 billion in rental assistance funds and the unemployment rate has dropped down to 6.2%. Beyond the government aid, charitable organizations provide help with rent and practically every other basic human need. In addition to all those resources, the apartment owners, when given the chance, would prefer to work with residents than to evict them. With all of the aid that is avail- able, the evic- tion moratorium is unnecessary and, based upon recent court cases, unconstitutionally interferes with the property rights of owners. The fact is that the industry could not survive if tens of millions of residents were evicted. Instead, owners are work- ing with residents to ensure that eviction is only used as a last resort. The eviction mora- torium merely lends the illusion that some folks are being helped, mean- while thousands of dollars in past-due rent accumulates that eventually will devastate them financially. Renters should be encour- aged to find and take advantage of resources avail- able to them. If the federal government does not believe sufficient aid is available, then it should provide additional assis- tance. Relying on the eviction morato- rium ultimately will cause more harm to those it purports to help. n The real evictions story. Shortly after the start of the pan- demic, the media began to bombard the public with reports of how tens of millions of rent- ers would be evicted, homeless and help- less – while being at greater risk of con- tracting COVID-19. And here we are, a year into the pandemic, and evic- tions are currently at 40% of his- toric norms. Yet stories of massive waves of evictions still persist. The eviction moratorium that ended July 24 protected about one- third of all renters, yet during that period, eviction filings were only about 23% of 2019 levels. On Sept. 1, the Centers for Disease Control and Prevention declared an eviction moratorium, preventing evictions on renters who met specific crite- ria. Although the CDC moratorium Many wonder: Where have all the evictions gone? Andy Newell, CPA CEO and chief financial officer, Monarch Investment and Management Group When the first eviction moratorium ended July 24, eviction filings did increase, but only to about half of the historical norm. Owners could finally evict, yet filings remained low between July and September when the Centers for Disease Control and Prevention ordered its moratorium on evictions. Data from state, county and municipal courts, and the Utah Apartment Association Please see Newell, Page 38 Based upon eviction statistics for 12 states for 2019 and 2020, overall evictions are down roughly 50% in 2020, com- pared with 2019. This number is actually overstated because January and February 2020 were prepandemic months. Focusing only on March through December 2019 and 2020, evictions are down nearly 60%. Data from state, county and municipal courts and the Utah Apartment Association