Will tenants look for more affordable apartments because of Covid-19? Half of the respondents in a Rentals.com survey said they will need to look for a more affordable place to rent because of the COVID-19 pandemic. Another 20% said they were uncertain about whether they will search for a more affordable rental until they are more certain about their job status.
In the findings, 70% are concerned about their ability to pay bills and loans.
Almost half of the respondents are not worried about moving. Those who do worry are anxious about keeping their jobs to afford rent and are fearful of increasing their chances of getting COVID-19. Only about 12% are apprehensive of being forced to move because their lease is ending.
Technology and Apartment searches
Virtual tours, online tools, and contactless pay are becoming more popular for renters, and the pandemic only sped up this digital disruption. Asked, “Using a 3-D virtual tour, would you sign a lease without an in-person visit?”, almost 38% answered yes.
Almost 42% indicated that even though they would not sign a lease without an in-person visit, they would use a virtual tour to narrow down their choices.
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
Updated: Boston Real Estate 2020