Rental Trends part 1 (Great Resignation impact)

I am seeing an increase in the number of people who need to move "now".  Never mind the application, never mind viewing the property / unit, they'll take it as is!  I believe many are running from a potential eviction.  But, owners are getting smarter too; many owners are now avoiding the eviction process completely and are waiting things out to simply not renew.  We continue to maintain our standards, policies, and procedures.  We do continue to thoroughly vet prospects.

As a % of my mgmt portfolio, I'm seeing a higher number of tenants paying late and paying late multiple months in a row.  I don't believe this is a reflection of the moritorium that ended 7/31/21.  I believe it's more of a reflection of tenants quitting their jobs and not finding / seeking immediate employment.  Some tenants have just up and left, others wait for the eviction to be filed.

Cleveland Housing Network is still providing funds for those impacted by Covid.  They are being more strict in terms of who qualifies.  Their response time has been slowed due to the holidays in Nov and Dec but also because they are faced with a shortfall in staffing.

Karen Bostwick, broker
D & K Property Management Services
(440) 590-5925
KarenMBostwick@yahoo.com

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