Rental Assistance Program To End January 2023
The federal rental assistance program known as CHAP, the Cares Housing Assistance Program, will be coming to an end for many in Clark County in January 2023.
According to an article written by KTNV Staff and posted on KTNV.com, Clark County officials announced on Thursday, December 30, that the rental assistance program will no longer be accepting applications as of January 23, 2023. At that time, only households which meet certain qualifications may become eligible for CHAP rental assistance.
Per the KTNV.com article, those qualifications include:
- “At least one member of a household is living on a fixed income (e.g., Social Security, VA benefits, or pensions).”
- “Have experienced a rent increase within the 12-month period prior to the date of application.”
- “Received an eviction notice for non-payment of rent.”
- “Experienced a recent change in circumstances that has resulted in an inability to pay rent.”
Now that life after the COVID-19 pandemic is beginning to return to pre-pandemic conditions, the CHAP federal rental assistance program will transition back to helping the most vulnerable in our community remain in their homes. Lower-income families and households in Clark County who are facing eviction for non-payment of rent will become the focus of the program.
The CHAP rental assistance program was a major lifeline for many people in Southern Nevada when the COVID-19 pandemic shut everything down in 2020. Since that time, the Clark County Cares Housing Assistance Program “has allocated more than $375 million to provide rental assistance to more than 70,000 local households and utility assistance to 60,000 households,” per the KTNV.com article.
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Larry Martino is the long-time Afternoon Drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.
U.S. Cities With The Highest Price-To-Rent Ratios
#15. Sacramento, California
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– Price-to-rent ratio: 21.53
– Median sale price: $513,869
– Median annual rent: $23,868 ($1,989 per month)
– For-sale home inventory: 4,997California is an expensive state in which to rent a home, second only to Hawaii. Cities in the Golden State occupy six slots on this list, so it’s worth considering investing in property in cities with high PTR ratios such as Sacramento. In the past year, home values in the metro area have climbed by more than 24.5%. If that trend continues, investment in the Sacramento real estate market could pay off in a big way.
#14. Ventura, California
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– Price-to-rent ratio: 21.95
– Median sale price: $733,186
– Median annual rent: $33,408 ($2,784 per month)
– For-sale home inventory: 1,442Ventura is home to Patagonia’s headquarters, which makes sense considering the area is perfect for outdoor activities ranging from surfing and kayaking to golf and bird-watching. This oceanfront metro area includes Santa Barbara and the Anacapa Islands and has a high PTR ratio and above-average property prices compared to California and the United States. Home values in Ventura have increased 24.2% in the past year.
#13. Ogden, Utah
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– Price-to-rent ratio: 22.07
– Median sale price: $381,854
– Median annual rent: $17,304 ($1,442 per month)
– For-sale home inventory: 1,392Ogden is located about 35 miles north of Salt Lake City and is known as a gateway town to the mountains within easy reach of ski resorts and bike trails. A century ago, Ogden was known for being the transfer point from the Central Pacific to the Union Pacific railroads. Today, Ogden’s Historic 25th Street is full of boutiques and cafes. After prohibition, it was taken over by the mob and has a fascinating past of bootlegger tunnels and organized crime.
#12. Boise City, Idaho
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– Price-to-rent ratio: 22.90
– Median sale price: $445,117
– Median annual rent: $19,440 ($1,620 per month)
– For-sale home inventory: 2,337Typically a PTR ratio of 21 or higher is considered good for real estate investors who want to ensure cash flow properties always have a tenant. Boise is the largest city in Idaho, which is the second-fastest-growing state, according to the 2020 census. Boise’s population is currently at an all-time high. Rent prices have increased 11% in the past year, and only 1.4% of rental properties are currently vacant.
#11. Fort Collins, Colorado
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– Median sale price: $448,331
– Median annual rent: $19,104 ($1,592 per month)
– For-sale home inventory: 2,141Fort Collins is home to Colorado State University and its more than 33,000 students, many of whom rent houses or apartments in town. Home prices have risen by more than $66,000 in the past year. With an influx in renters during the coronavirus, rent prices have been driven up by the lack of available properties. With a perpetual source of tenants, Fort Collins is an ideal city for real estate investment.
#10. Austin, Texas
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– Price-to-rent ratio: 23.85
– Median sale price: $446,464
– Median annual rent: $18,720 ($1,560 per month)
– For-sale home inventory: 7,759Austin is home to more than 960,000 people and has grown 21% since the last census. Rents in the state capital are rebounding after a pandemic-induced slump. The mean rent is at an all-time high, compared to a mean rent of $1,278 in July 2020. Austin is one of the hottest real estate markets in the country, with pricing for median housing increasing more than 30% since June 2020.
#9. Denver
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– Price-to-rent ratio: 24.24
– Median sale price: $510,429
– Median annual rent: $21,060 ($1,755 per month)
– For-sale home inventory: 7,336Denver has had a booming real estate market—and while it’s still a seller’s market, there are signs that it’s slowing down to a more manageable pace. The median closing price in July was up 20% compared to last July. Inventory of houses has increased somewhat since June, though not enough to satisfy demand. Denver has a highly educated workforce and tax incentives designed to lure more tech-heavy companies to the area.
#8. Salt Lake City
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– Price-to-rent ratio: 24.65
– Median sale price: $436,962
– Median annual rent: $17,724 ($1,477 per month)
– For-sale home inventory: 2,556Utah is the most youthful state in the nation, its population ranking first with a median age of 30.7. As younger people are more likely to rent than buy, Utah may be a good place to purchase an investment property. Salt Lake City is on Bloomberg’s list of places to buy a rental property, citing the 15% increase in home prices. While that might seem like a lot, it’s less than other cities that West Coast transplants are flocking to with high PTR ratios such as Portland, Oregon, at 17.8%, or Denver at 22%.
#7. Portland, Oregon
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– Price-to-rent ratio: 24.72
– Median sale price: $478,823
– Median annual rent: $19,368 ($1,614 per month)
– For-sale home inventory: 7,011Oregon has a 9% deficit of available housing, according to Freddie Mac. Put in perspective, the lack of housing in Oregon is second only to Washington D.C., which has a 9.55% deficit. Portland’s high rents and high PTR ratio make it an attractive place for real estate investors looking for long-term rental properties. The pandemic-induced eviction moratorium lifted at the end of July may help with landlords’ cash flow.
#6. Provo, Utah
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– Price-to-rent ratio: 25.00
– Median sale price: $430,141
– Median annual rent: $17,208 ($1,434 per month)
– For-sale home inventory: 1,650Brigham Young University is located in Provo and has an entrepreneurial spirit as evidenced by the number of tech startups in town. In 2019, Provo had a very low vacancy rate of 4%, down from a peak of 7.65% in 2005. This suggests that landlords typically don’t struggle to find tenants, which is certainly aided by the student population. There are more renters than owner-occupiers in Provo, making this an appealing market for investment.
#5. San Diego
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– Price-to-rent ratio: 25.75
– Median sale price: $723,010
– Median annual rent: $28,080 ($2,340 per month)
– For-sale home inventory: 5,999While average home prices in this Southern California real estate hotspot are high, investment can pay off for those who buy in San Diego.
The top neighborhoods for real estate investment include Ridgeview-Webster, Encanto, Nestor, and Emerald Hills, according to Mashvisor. California’s 2020 rent control law limits rent increases to 5% plus inflation annually. However, as home prices shot up 17% between April 2020 and April 2021, and with no indication of demand decreasing, buying in San Diego shows signs of being a great investment.
#4. Seattle
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– Price-to-rent ratio: 26.88
– Median sale price: $616,198
– Median annual rent: $22,920 ($1,910 per month)
– For-sale home inventory: 9,389Seattle homes have increased in value by 14.2% in the past year, according to Zillow. The housing market in Seattle is notoriously cutthroat. Investors will be pleased to note that rental prices have risen to 5% below the rates before the coronavirus hit the country, which caused rentals to dip 22%.
The trend of Seattle residents increasingly being more likely to rent than to buy is good news for real estate investors.
#3. Los Angeles-Long Beach-Anaheim, California
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– Price-to-rent ratio: 27.31
– Median sale price: $799,262
– Median annual rent: $29,268 ($2,439 per month)
– For-sale home inventory: 20,734The COVID-19 pandemic led to California’s first population decline for the nation’s most populous state. That doesn’t mean real estate investment isn’t still a good bet in the Golden State, however. Rental prices in coastal cities like Los Angeles are high, as they are for the entire state—Californians pay the highest rents and largest percentage of their income to rent in the country. Zillow reports an 18.7% increase in Los Angeles home values over the past year.
#2. San Francisco
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– Price-to-rent ratio: 29.38
– Median sale price: $1,016,642
– Median annual rent: $34,608 ($2,884 per month)
– For-sale home inventory: 8,146Silicon Valley’s tech startup money and red-hot market have ensured the most expensive housing market in the country continues to rise. While inventory is increasing, rents in San Francisco remain lower than they were a year ago.
The San Francisco Planning Department estimates that 65% of households rent in the city. The steep rental prices and high PTR ratio indicate that it’s still a lucrative market for smart investors.
#1. San Jose, California
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– Price-to-rent ratio: 36.44
– Median sale price: $1,244,540
– Median annual rent: $34,152 ($2,846 per month)
– For-sale home inventory: 3,124The city with the highest PTR ratio in the country is San Jose, located on the southern edge of San Francisco Bay and the third-largest city in California. The Silicon Valley hub is home to numerous tech firm headquarters, including Cisco Systems, Samsung, Hewlett Packard, and Zoom, among others. Home values have skyrocketed 21.8% in the past year. Roughly 45% of the population rents, making this an appealing market for investors.
