Evictions are on the rise across America, marking a shift back to pre-pandemic housing trends.
This change, while tough for some renters, could lead to a more balanced housing market in the long run.
New data from Princeton University’s Eviction Lab shows the scale of this trend.
In 10 major cities, eviction filings are up over 15% compared to before COVID-19.
Five cities stand out, with eviction rates jumping at least 30% above pre-pandemic levels.
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Gainesville, Florida leads the pack.
The college town saw a 46% increase in eviction filings by June.
Minnesota follows with a 44% rise. Las Vegas and Houston are close behind at 43% and 42%, while Columbus rounds out the top five with a 37% increase.
These numbers might seem high, but they show a return to normal after years of COVID-related renter protections.
As one housing expert put it, “We’re getting back to regular market conditions, which sadly includes evictions for those who can’t pay rent.”
OUT IN THE COLD: Home evictions are skyrocketing as Americans continue to grapple with the ongoing cost-of-living crisis. https://t.co/uyCwCAkv6B pic.twitter.com/YdJ7Pm2iGJ
— FOX Business (@FoxBusiness) July 16, 2024
Rising rent prices are a big reason for this surge.
Rent hikes have outpaced overall inflation, hitting household budgets hard.
This is especially true for lower- and middle-income families, who are more likely to rent.
About 34% of U.S. households rent, but for families below the median income of $31,133, it’s over half.
The impact is clear: the average household spends 7% of its yearly budget on rent.
For those without college degrees, it’s nearly 10%. “Higher rents hit hardest where people can least afford it,” one economist noted.
Several factors are driving up rents. High home prices and rising mortgage rates have pushed many would-be buyers into renting.
This has created more competition for available rentals. Low housing inventory and a desire for more space have also pushed rents higher.
The single-family home rental market has seen the biggest jumps.
Rents for these homes rose 14% in 2022, according to CoreLogic.
While rising evictions are tough on renters, they’re part of a return to a normal, functioning market.
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Removing pandemic protections allows the rental market to adjust, which could lead to more investment in rental properties and a better balance of supply and demand.
