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COVID-19 to Continue Influencing Renter Decision and Landlord Actions

COVID-19 to Continue Influencing Renter Decision and Landlord Actions

In a pandemic-wrought world, safety is a priority. Zillow reports that 75% of prospective and current renters convey serious concern over the coronavirus, while 22% show little interest, and only 3% shrug it off. Sixty percent of renters closely follow coronavirus updates and expect their landlords to observe safety measures.  

Coronavirus Shapes Renters’ Plans 

More than half of prospective and current renters, 55%, said they held off their plans of renting new homes as the pandemic continues. Among all of them, 82% intend on resuming their rental goals when the pandemic ceases.  

Among the current renters studied, 22% were under leases expiring in 6 months or less, and 24% possessed leases ending in 7-12 months. Renters with leases ending in 1-2 years were 14%, while renters with more than two years were 4%. The remaining percentages of renters, 16% and 19%, possessed monthly leases or no lease at all, respectively. 

Landlord and Renter Interaction Continuously Shifts 

Expect to tirelessly follow health safety protocols during interactions as the pandemic continues and ends. In the study, 75% of renters choose to avoid in-person contact, and when it needs to occur, 64% of renters would like everyone to wear PPE, while 74% would like to keep a 6-foot distance. 

As COVID-19 rages on, 68% of renters choose virtual interaction versus physical interaction. Email and phone communication preferences are high, and usage of remote touring tools spiked up. When we enter a post-pandemic world, 69% of renters would still like to maintain a no-contact interaction, 69% would like to keep a 6-foot distance, and 59% said they’d find the continuous usage of PPE comfortable. 

Landlords Need to Focus on Digital Marketing and Managing 

In the study interviewing prospective renters, 66% will use a desktop website to search for homes, 56% will use a mobile website, and 52% will use smartphones. Most renters prefer little to no in-person contact, so upgrading one’s rental website and utilizing digital tools will significantly help landlords. 

Then again, keep in mind that word-of-mouth referrals are still relevant, with 56% of renters willing to ask their social network for advice and 44% seeking real estate professionals for their next rental. If you’d like some help with managing your rental properties during and after the pandemic, we can offer you some guidance and hands-on assistance at illume.