In the next two months, 3.8 million tenants may be evicted from their homes.

The U.S. Census Bureau estimates 8.5 million people were behind on their rent at the end of August. At the same time, rent costs soar by the day. In June 2022, the median rent in the U.S. became more than $2000 a month, which is the highest ever recorded rent.

Zillow research suggests rent has increased approximately 25% before the pandemic began, and by 12% in the past year. Low supply and rising interest rates have also caused a hike in rental prices, with median rental price in the top 50 U.S. metros topping $1,849 in May, according to Realtor.com.

Data also shows the median landlord ended 2020 with a decrease of 3.3% in total rental revenue and a 6.6% decrease in total expenses compared to 2019. 2021 began with low revenue for landlords, relative to 2019, but prices have continued to rise since the end of 2020.

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How proptechs are dealing with the end of the eviction moratorium