Eviction pressures in the apartment sector are abating as the economy and labor market continue to improve, according to a new report from Marcus & Millichap.
On Aug. 3, the Centers for Disease Control and Prevention enacted a new order halting residential evictions in counties with substantial or high levels of COVID-19 community transmission. As of Aug. 17, most counties in the United States had met that criteria, effectively extending a ban on residential evictions that has been in place in one form or another since April 2020. Once the order expires on Oct. 3, pending eviction proceedings can move forward. While 16 months of delays will inevitably lead to more eviction orders being filed than in a typical year, a mass wave of forced exits is unlikely.
Contrary to initial expectations, apartment rent collections have held up fairly well during the health crisis. According to the National Multifamily Housing Council, 94.9 percent of renters made their monthly pay