Are you experiencing highers Evictions and Lower Rents?

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Are you experiencing highers Evictions and Lower Rents?

H. Jack Miller
Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes

I am curious is anyone experiencing higher than normal nonpaying tenants and evictions?
If so, how long is it taking you to get them out? Are you seeing any lower rents?

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Josh YoungPro Member
Rental Property Investor / REALTOR® / Property Manager · Gilbert, AZ · Member since 2023 · 384 posts · 421 votes
1y

@H. Jack Miller

I have not had any tenants not pay rent, but I have seen rents soften for multi family and condo rentals (roughly 5-10% decrease in rental rates). This is because so much new multi family supply has come online. I own and manage mostly class B and B+ single family homes and condos, but I have heard that evictions have ticked up in class C, that’s one of the problems with chasing cash flow is getting into class C and dealing with a tenants that are not as well qualified and higher risk of default to begin with. I think the long term fundamentals here are solid with job growth and population growth, it’s just a matter of the new supply getting absorbed which will take 2-3 years. There is much less new supply of single family homes, so the rental rates are flat to up a little; this does depend on the neighborhood though, in some of the fringe areas where there is a lot of new single family home construction the rents are a little softer. From what I see and hear the less qualified tenants are being affected the most by the economy because they were in a weaker position to begin with.

[email protected]802-274-8121
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  • Josh YoungPro Member
    Rental Property Investor / REALTOR® / Property Manager · Gilbert, AZ · Member since 2023 · 384 posts · 421 votes
    1y

    @H. Jack Miller

    I have not had any tenants not pay rent, but I have seen rents soften for multi family and condo rentals (roughly 5-10% decrease in rental rates). This is because so much new multi family supply has come online. I own and manage mostly class B and B+ single family homes and condos, but I have heard that evictions have ticked up in class C, that’s one of the problems with chasing cash flow is getting into class C and dealing with a tenants that are not as well qualified and higher risk of default to begin with. I think the long term fundamentals here are solid with job growth and population growth, it’s just a matter of the new supply getting absorbed which will take 2-3 years. There is much less new supply of single family homes, so the rental rates are flat to up a little; this does depend on the neighborhood though, in some of the fringe areas where there is a lot of new single family home construction the rents are a little softer. From what I see and hear the less qualified tenants are being affected the most by the economy because they were in a weaker position to begin with.

    [email protected]802-274-8121
    2Reply
  • Adam BartomeoBusiness Member
    Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
    1y

    Form what we are seeing and experiencing, nationwide rents are decreasing and evictions are increasing. Our evictions have held fairly steady over the past 3 years.

    [email protected]239-339-3969
    Bartomeo Property Management4.7150 Reviews
    WebsiteView Page
    1Reply
  • Tim Baldwin
    Attorney · Pensacola, FL · Member since 2023 · 178 posts · 106 votes
    1y

    Our law firm is seeing an increase in eviction filings this year. Our average eviction turn around is 20 days from filing to writ of possession. Rents are either stabilizing or lowering in Florida, in general.

    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @Tim Baldwin:

    Our law firm is seeing an increase in eviction filings this year. Our average eviction turn around is 20 days from filing to writ of possession. Rents are either stabilizing or lowering in Florida, in general.


     thanks. This is in line to what we are seeing.

    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @Adam Bartomeo:

    Form what we are seeing and experiencing, nationwide rents are decreasing and evictions are increasing. Our evictions have held fairly steady over the past 3 years.


     Yep this is inline with what we are experiencing as well

    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @Josh Young:

    @H. Jack Miller

    I have not had any tenants not pay rent, but I have seen rents soften for multi family and condo rentals (roughly 5-10% decrease in rental rates). This is because so much new multi family supply has come online. I own and manage mostly class B and B+ single family homes and condos, but I have heard that evictions have ticked up in class C, that’s one of the problems with chasing cash flow is getting into class C and dealing with a tenants that are not as well qualified and higher risk of default to begin with. I think the long term fundamentals here are solid with job growth and population growth, it’s just a matter of the new supply getting absorbed which will take 2-3 years. There is much less new supply of single family homes, so the rental rates are flat to up a little; this does depend on the neighborhood though, in some of the fringe areas where there is a lot of new single family home construction the rents are a little softer. From what I see and hear the less qualified tenants are being affected the most by the economy because they were in a weaker position to begin with.


     thanks for the very detailed and thoughtful answer 

    0Reply
  • Brandon WeisBusiness Member
    Property Manager · Lima, OH · Member since 2024 · 46 posts · 34 votes
    1y

    In our small corner of the market, ~1,000 units in Northwest Ohio, our rent increases are softening, but we are actually at our lowest level of late payments and evictions in over 2 years.

    [email protected]
    Hartsock Realty Property Management
    WebsiteView Page
    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @Brandon Weis:

    In our small corner of the market, ~1,000 units in Northwest Ohio, our rent increases are softening, but we are actually at our lowest level of late payments and evictions in over 2 years.


     that's great news on the past due ones.

    1Reply
  • Kevin Epp
    Property Manager · Tacoma, WA · Member since 2024 · 60 posts · 39 votes
    1y

    Lower rents here (WA south sound)

    0Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    1y

    Lower or flat-ish rents for sure.

    Evictions, fortunately, I own in very good areas. Cross my fingers, have had none and hope to not have any. 

    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @V.G Jason:

    Lower or flat-ish rents for sure.

    Evictions, fortunately, I own in very good areas. Cross my fingers, have had none and hope to not have any. 

    Fantastic I wish I could say that 
    1Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y
    Quote from @Kevin Epp:

    Lower rents here (WA south sound)


     In think lower most places to get quality tenants 

    0Reply
  • Norbert HustonBusiness Member
    Property Manager · Stockton, CA · Member since 2020 · 2 posts · 0 votes
    1y

    In San Joaquin County (CA) it's taking up to 2 months for the court to process an initial filing of the UD action (they do notify the tenant of the action).  The action then needs to be served to the tenant which then gives them 5 days to respond (10 days when new legislation goes into effect next year).  I've had two separate evictions which started in Feb, and we got possession in Sept.  No rent can be collected during the UD action.  In court, a lot of requests from tenants is to seal the record so that it doesn't appear on credit reports.  IMHO; UD actions are preventable actions caused by tenants failure to vacate the premises.  No UD action is necessary when they vacate, returning possession back to the owner/management.  Tenant damages for unpaid rent, etc...can be sought in small claims court.

    I am not seeing lower rents...stable & slightly higher, within normal ranges post pandemic.

    Norbert Huston

    [email protected]209-992-1301
    Huston Associates Real Estate Inc4.143 Reviews
    WebsiteView Page
    0Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y

    Thabks for your input 

    0Reply
  • Eric Gerakos
    Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
    1y

    0 evictions. Have never lowered rent. 

    0Reply
  • Marylyn Patankar
    Tampa, FL · Member since 2023 · 17 posts · 9 votes
    1y

    Yes, rents have been decreasing in certain areas, and it’s definitely having an impact on how landlords are handling tenant approvals. With rents cooling off, some landlords are becoming more desperate to fill vacancies and may be more inclined to approve tenants who don’t quite meet all the usual criteria. This is particularly true in markets like ours in Pasco, Pinellas, and Hillsborough counties, where we manage a variety of properties ranging from Class D neighborhoods to more upscale Class A properties. While the "type" of neighborhood can sometimes make tenant approval criteria a little more flexible, we always try to avoid making desperate decisions that could lead to future evictions.

    The rise in evictions that you're seeing could be partly due to landlords lowering their standards to fill units quickly, which might lead to issues down the road with tenants who can't pay rent consistently or have a history of instability. Additionally, the increasing cost of living in Florida is definitely contributing to the problem. With housing, utilities, and daily expenses climbing, more tenants are finding it harder to keep up, which can lead to payment issues and eventual evictions. While it’s tempting to make exceptions to get someone into a unit, we’ve found that it’s better to hold out for more qualified applicants who are more likely to stay long-term without creating problems down the line.

    0Reply
  • H. Jack Miller
    OP
    Lender · Boca Raton, FL · Member since 2014 · 250 posts · 133 votes
    1y

    Thanks for your input, Things are always changing for sure.

    0Reply
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