How COVID-19 is Impacting the Rental Market

TurboTenant, an all-in-one, free property management tool, releases its latest industry report – “How COVID-19 is Impacting the Rental Market.” This report highlights key rental market indicators from March 2020 in cities throughout the U.S. who have and are currently following social distancing and stay-at-home orders.

You can read the report and how COVID-19 is Impacting the Rental Market here.

TurboTenant’s new trend report analyzed 18 cities and four key rental market indicators: total active listings, change in number of active listings, total renter leads and the average number of renter leads per property. While the full effects of the coronavirus on the housing market are still unknown, delisting and new home listings steeply declined in March. TurboTenant’s report found while some markets reflected those trends, others had strong markets.

TurboTenant Highlights that New York, Denver and Houston all experienced large net losses for new listings with New York holding the biggest decrease at -65.17% while San Diego, Atlanta and Cleveland all experienced net gains in listings. Lead growth in 14 of our cities, including Jersey City and Denver, fluctuated throughout the month, but ended lower than they started. In cities such as Boston, Houston and Milwaukee, leads were higher at the start of April than at the beginning of March.

The reasoning for the report to be created is to give “insights on how the rental market is starting to react to the COVID-19 pandemic,” said Sarnen Steinbarth, TurboTenant Founder and Chief Executive Officer. “With the peak rental season approaching, we want landlords to be prepared and informed about the trends nationwide and in their own cities.”

“It is imperative to monitor rental trends during the coronavirus pandemic,” Steinbarth said. “This report along with our past and future trend reports, will help educate not only landlords, but also property investors, businesses and the public.”

Posted by Patrick Doherty