As the worldwide pandemic continues to cause concern in every sector of life including rentals, TurboTenant a free property management tool has released its latest industry report called “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, according to a news release.
“Our newest TurboTenant report will 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 cities.”
TurboTenant’s new trend report analyzed 18 cities and four key rental market indicators: total active listings, change in several 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.
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. Read the full report here.
“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.”
Back in March TurboTenant’s Coronavirus Landlord Resources guide gave insights from what current landlords are doing or were preparing for during the pandemic, as well as tips and information from health and housing officials. Content included how to plan, prepare, and respond to COVID-19, a guide to virtual landlording, and helpful links and resources to the Centers for Disease Control and the Department of Housing and Urban Development.
Furthermore, the weekly TurboTenant Rental Trend Reports continue to provide valuable information to property investors on how COVID-19 is impacting the rental market nationwide.
TurboTenant will continue to publish and curate essential and timely resources to aid landlords during the COVID-19 crisis along with developing solutions to further create a seamless rental process online for both landlords and renters.