Section 8 rent rates vs. increased landlord costs

By
Real Estate Agent with Warmath Real Estate @ Keller Williams North Atlanta

Tenants are getting kicked out of houses in the Atlanta market not because they aren't paying their rent, but because the landlords are not paying the mortgage.  I've seen it over and over again in the last 5-6 months.

With interest rates going up many landlords are being squeezed on their payments and ultimately losing the house.  Some landlords/investors are losing multiple houses.

Not only are the landlords getting squeezed by higher mortgage payments but also by shrinking rents, particularly for Section 8 rents.  In the last year, the local housing authorities have actually REDUCED what they will pay for rent.  The fair market rents have also decreased; a year or two ago, i used to be pretty easy to rent a 3-4 bedroom house in Decatur, GA for $1000-$1200.  Today, the vast majority of propsective tenants i talk to say they are willing to pay $800-$900.

I'm curious to know what other people are seeing in their markets.   

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