According to the Princeton University Eviction Lab, 318,091 households have faced eviction proceedings during the pandemic in the 27 cities the research project tracks, including Phoenix, Milwaukee and Dallas, Reuters reported. Many more remain vulnerable to eviction and possible homelessness: By May, an estimated 7 million renters across the country will owe $40 billion in back rent, utilities and fees, Moody’s Analytics estimates. Before the pandemic, about 900,000 households were evicted each year. Most renters live in apartments or houses owned by small-scale “mom-and-pop” landlords, who often rely heavily on their rental income. But based on a review of hundreds of court filings across the country, as well as interviews with tenants, their lawyers and housing advocates, it’s the big, deep-pocketed corporate landlords with property portfolios spanning multiple states that have been the most aggressive in filing eviction cases, even as they have thrived in the pandemic. Since the pandemic began, large corporate landlords have filed nearly 70,000 eviction cases in just 27 counties in seven states analyzed by the Private Equity Stakeholder Project, a Chicago-based nonprofit that studies the impact of private equity investments on the public. Many of the big landlords, especially those focused on single-family homes, have benefited as higher-income families have fled to the suburbs for perceived safety and more space during the pandemic. Invitation Homes had its best year ever in 2020, with profits climbing to a record $200 million as occupancy rates neared 100%. Its share price has nearly doubled since March 2020. Invitation Homes ranked fifth among companies seeking evictions in the seven states examined by the Private Equity Stakeholder Project, with 710 cases since the CDC moratorium took effect Sept. 4. Ahead of it were S2 Capital, a Dallas, Texas, investment firm, with 1,160 eviction suits; Ventron Management, with 1,134 cases against tenants in Georgia and Florida and which received $2.6 million under the federal Paycheck Protection Program; private equity firm Pretium Partners, which operates Progress Residential and Front Yard Residential, with 1,074 eviction suits; and Western Wealth Capital, with 1,018.
