Indianapolis Rental Assistance Suspended Just 2 Days After Opening
On Monday, July 13, 2020 the Indianapolis rental assistance program available at indyrent.org opened. In the first two days we received 43 requests for assistance from the program. We diligently completed the forms worrying that any delay might be harmful to a tenant being able to receive funds.
On Wednesday, the program was temporarily suspended after receiving over 10,000 requests for assistance. All the requests we received had been processed and we are starting to be informed of tenants who have been accepted. We will inform owners immediately if a tenant is accepted and how much rent we have been advised will be paid.
As the program allows tenants to name anybody as their landlord, you may have received such a request as the owner. In order for us to manage the program and not allow any potential violation of its promises, please be sure to list WILMOTH Group as the landlord and place to make payment.
You can review the terms of the program here. After reviewing, it will be easier to understand why your property manager needs to be involved in any requests.
At this time it is not clear if this is a temporary suspension or if all the funds may be allocated. The Indiana program (non-Marion County) at indianahousingnow.org appears to still be open and operating. Sadly, the reality of this situation bodes for what we now believe will be further extensions of the eviction moratoriums.
If your property is occupied with a non-paying tenant, who did not apply for assistance despite our advising them to do so, we have limited options. The cash for keys offers may be our best resort. Please give that some consideration if you do not hear from us that your tenant has been approved for assistance. Due to the volume we are processing, please give us another week before requesting updates. We will let you know as soon as we know a tenant has been approved.
Indianapolis Housing Update
Housing data released by the MIBOR BLC® comparing June 2019 to June 2020 shows:
- An increase in Median Sales Price of 9.5 percent to $219,000
- An decrease in Closed Sales of 3.3 percent to 3,518
- New Listings decreased 9.3 percent to 3,848
In the Indianapolis real estate market, we saw yet another all-time high in median sales price at $219,000, the fourth month in a row of record level prices. While this is not entirely shocking, what is surprising is how much the gains are, nearly 10% more than last year, also a record. In addition, new listings are recovering making it appear that sellers are becoming more comfortable as REALTORS® are being responsive to their concerns and implementing the safety protocols for showings and increasing the number of virtual tours.Shelley Specchio, MIBOR CEO
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says,
I suspect we will have an unusually strong summer due to pent up demand, as shown by pending sales at the end of June, which are at an all-time high. And interestingly, the virus itself has stimulated housing sales as households now rethink their needs. After months in lockdown, some may now prefer a house in a more rural area, one that is bigger, one that has a yard, or one that is new. Additionally, supply remains very constrained as building activity has fallen and forbearance keeps houses off the market.Dr. Elliot Eisenberg