TransUnion SmartMove: Number of Evictions Records Reaches Lowest Level Since 2009
Renters are the least risky in more than five years. The number of yearly apartment evictions in 2014 reached the lowest level in five years, according to a new analysis by TransUnion SmartMove®. Approximately 3.41 million evictions records were recorded by TransUnion in 2014, slightly below the 3.43 million evictions recorded in 2009.
Number of Eviction Records Per Year (In Millions)
The average eviction amount remained steady in 2014, rising slightly from $1,685 in 2013 to $1,698 at the close of 2014. Average eviction amounts include eviction-related expenses, which include maintenance fees, lost rent, court costs, filing costs and judgment costs. Eviction costs have been steadily declining since they reached their high mark of $1,815 at the end of 2010.
“While the number of evictions peaked in 2011, our data show a continued drop in evictions records every year since,” said Jason Norton, vice president of TransUnion’s rental screening solutions group. “Our data indicate tenants are in a position to better manage their finances and also suggest landlords are using risk management tools – such as evictions and criminal reports or credit histories – to make informed leasing decisions.”
A comparison of the nation’s metropolitan areas found that major markets experienced declines in number of evictions. While Chicago experienced a large decline (-12.3%) in evictions, New York remained relatively steady (-3.3%). The cost of evictions in these markets fluctuated, with Dallas (+4.4%) and New York (+3.0%) experiencing increases. Chicago (+1.6) had the smallest year-over-year filing amount increase of the major U.S. metropolitan areas.
“The continued decline in evictions records in the largest U.S. metro areas is a promising indication for the rental environment, particularly for independent landlords who may have one or two properties,” said Norton. “Smaller, independent landlords often feel the impact of the costs of evicting tenants more than property management companies, which have a large portfolio to absorb the shock.”
For more information on TransUnion SmartMove’s eviction reports, visit www.mysmartmove.com.
About TransUnion SmartMove
TransUnion SmartMove is an easy, reliable online tenant screening solution designed to give independent landlords the results they want — and renters the security they need. Landlords receive a TransUnion credit report formatted exclusively for rental screening purposes, a criminal report drawing from hundreds of millions of national and statewide criminal records, a national eviction report, and a clear, reliable and customized leasing recommendation. Renters get the peace of mind that only TransUnion, and not their landlord, will have access to their sensitive personal information. SmartMove is powered by TransUnion.
About TransUnionInformation is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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