By Elliott Pollack | Chamber Business News
At the request of the Arizona Multihousing Association and the Arizona Association of REALTORS®, Elliott D. Pollack & Company analyzed the potential impact of eviction moratoria on the Arizona rental housing industry. The results clearly indicate that eviction moratoria and the non-payment of rent could have devastating consequences on the rental housing industry and the real estate industry as a whole.
Renters account for over 35% of total households in Arizona. The latest U.S. Census survey places that at 919,931 renter households across the state. Combined with a median rent of $1,036 per month, nearly $1 billion in rent is paid every month across the state of Arizona. Thus, if renters cannot, or decide not to pay rent during the eviction moratorium, losses will add up quickly.