Post-Eviction Moratorium, Rental Prices Skyrocket

While the landscape has never truly been renter friendly, many renters received help during the eviction moratorium. During this time, landlords were asked to shoulder some of the weight, but that time has come to an end. A shortage of available homes has forced many would-be homebuyers, mostly millennials, to rent in the short-term, which has created its own pressures within the rental market; these pressures are driving rental prices sky-high.
With the expiration of the eviction moratorium, many landlords have increased rental prices to recoup the losses they were forced to shoulder earlier in the pandemic. November 2021 represents that 5th straight month where rental prices have increased by 10%, or more. Notably, as of November 2021, rental prices are 19.7% higher than they were in November 2020, in most major metropolitan areas; in fact, rents are the highest ever recorded.
While Los Angeles isn’t at the top of the list, in terms of rental increase, it has still increased significantly. The major surge in rental costs are occurring in Florida [Miami (44.4% increase year-over-year), Tampa, and Orlando (both at 30+% increases year-over-year)], San Diego, California (30+% increase), and Austin, Texas (30+% increase). Many experts believe rents will continue to climb well into 2022.
At the Chernov Team we understand that knowledge is power, and knowledge of increasingly profitable sectors of the housing market is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.