Rental housing is booming business, and some landlords and their investors see additional dollar signs in the potential to evict tenants protected by eviction moratoria up until this point in the pandemic.
"Wall Street financial analysts, speaking to corporate-owned apartment complexes in recent weeks, have pressed for answers on how investors can benefit from the expected wave of tenant evictions," reports Lee Fang.
Fang reports that a push to evict non-paying tenants comes despite a booming rental market for landlords.
NexPoint Residential Trust, which owns over 14,000 rental units around the country, noted in a call with investors last week that its occupancy rate is up to 96 percent, a rate the company noted was at an “all-time high” and positions the company to “aggressively push [rental] rates” for the “remainder of the year.”
Last Thursday, UDR Inc., a real estate trust that owns 149 apartment complexes, also released its earnings report, showing dazzling growth. The company reported strong financials, including increased revenue and a 97.5 percent occupancy rate, a “new high watermark.”
Fang reports detailed and on-the-record questions from investors responding to the largesse of those specific companies with questions about plans to evict non-paying rental tenants—and promises from these and other companies to move swiftly to evict tenants once eviction moratoria are no longer in place.
One chief executive, UDR’s chief executive Thomas Toomey, "added that the company lost $1.5 million to $1.6 million a month from the 400 tenants they planned to evict," echoing the legal claim of a large landlord suing to end the city of Los Angeles's eviction moratorium as an "illegal taking" under the 5th Amendment of the U.S. Constitution.
Boston Introduces 'Maximum Parking Ratios' for Large Buildings
Large buildings with uses of all kinds will be subject to Boston's new "Maximum Parking Ratios."
5 Tips for Planning Safe Post-Pandemic Events
As community events start move off-screen and become available to the public again, here are five ways organizers can ensure public health and safety.
Jaywalking, Idaho Stop Bills Vetoed by California's Governor
Faced with the opportunity to redefine the traffic safety regime in one of the nation's most progressive states, Governor Gavin Newsom flinched.
Norwalk Redevelopment Agency
City of Cotati
City of Austin Transportation Department
Rowan University's Department of Geography, Planning, & Sustainability
HUD's Office of Policy Development and Research
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.