There are questions about the eviction moratorium’s extension until July 31st and its effects on the real estate market.
The CDC moratorium was put into place at the height of the pandemic, and means landlords can’t evict tenants because of an inability to pay. Our Kaylie Norman spoke with a real estate agent who explains why this year’s market is geared more toward buyers than renters.
Whenever I started my search, I realized that there wasn’t much out there for a renter. And when I started trying to find a property to rent, I realized that something a little higher than my budget would go on the market, and then within two days, there were more than 30 applicants already.Kylie Norman
Jim Keaty of Keaty Real Estate says he’s never seen so few rental properties on the market. He believes it’s because more homeowners are selling their homes at a higher price because of low interest rates.
Well, because the prices are higher than ever, a lot of these owners have decided to sell instead of rent. So that’s also eating up some of that. Now, we predict that to slow down drastically once interest rates get above 4%.Jim Keaty
And with the moratorium ending on July 31st, many renters are wondering how it will affect the market.
The moratorium, I don’t think, is going to affect much, because I don’t believe there were a lot of people, based on our numbers, that were really affected by that moratorium.Jim Keaty
Regardless, the younger generation of renters who are not ready to buy are feeling the brunt of it.
And it’s just very hard because there are not many options out there, and I’d rather not live in an apartment, but that’s where I’m having to turn to.
Keaty says if you’re looking to rent property right now, he suggests contacting a real estate agent who can help in your patient hunt for the perfect home. In Lafayette, I’m Kaylie Norman, KATC, TV 3.
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Keaty Real Estate
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Lafayette, Louisiana 70503
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