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.
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Updated: Boston Real Estate 2020