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South Carolina residents face the biggest risk as the nationwide ban on evictions expires on Saturday.
Over the course of the pandemic, the state halted most evictions while offering "little rental assistance," real estate brokerage Redfin said.
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Now, it's facing the largest share of renter households – 7.3% – that say they are "very likely" to face eviction, according to the brokerage.
Per the report, the number of vacant rental units would surge 10.2% if even just one in five households had to leave, causing rental prices to decrease "substantially" due to the uptick in supply.
However, "it would also mean that over 8,000 households would be evicted and potentially face homelessness," the report continued.
Data from the United States Interagency Council on Homelessness shows there are already over 4,200 residents in the state that are experiencing homelessness on any given day.
"Without the eviction moratorium, tenants will have to hope their landlord is willing to wait for them to apply for and receive rental assistance," Redfin said. The problem is that in "many parts of South Carolina, rents and home values have risen substantially, and landlords will often prefer to evict in order to find a tenant who will pay a market rent," it continued. However, like South Carolina, New Hampshire, California, Washington and New Jersey's housing markets could be impacted in a very similar way. GET FOX BUSINESS ON THE GO BY CLICKING HERE There would be a more than 5% increase in vacant rental units in each of the aforementioned states if one in five renter households were evicted when the moratorium ends. This means the supply for homes for rent and for sale could surge and effectively "weigh down rent and home price growth," according to the report. The White House said President Biden would have liked to extend the federal eviction moratorium due to spread of the highly contagious delta variant of the coronavirus. However, the administration argued that its hands are tied after the Supreme Court signaled the moratorium would only be extended until the end of the month. EVICTION MORATORIUM POISED TO EXPIRE JULY 31, PUTTING MILLIONS AT RISK OF LOSING THEIR HOMES "Given the recent spread of the delta variant, including among those Americans both most likely to face evictions and lacking vaccinations, President Biden would have strongly supported a decision by the CDC to further extend this eviction moratorium to protect renters at this moment of heightened vulnerability," the White House said in a statement. "Unfortunately, the Supreme Court has made clear that this option is no longer available." The Associated Press contributed to this report. Source: Read Full Article