New Rentec Direct White Paper Explores Impact of COVID-19 on Rent Payments
Property management software company, Rentec Direct, publishes free white paper based on 2020 rent payment data, makes predictions for 2021
JANUARY 05, 2020
GRANTS PASS, ORE. –Rentec Direct, the highest-rated property management software solution, today released a new white paper exploring the impact of the COVID-19 pandemic on rent payments and rent payment behavior in the United States. “2020 Rental Trends: The Impact of COVID-19 on Rent Payments” analyzes rent payment data collected in 2020 to highlight rental trends that emerged in response to the pandemic, and makes data-based predictions for the rental industry in 2021.
“As a leader in the property management sector, our team felt that Rentec Direct had a responsibility to keep the industry educated and help our property management and landlord clients make the most informed decisions possible,” said Nathan Miller, President of Rentec Direct. “We committed to collecting and analyzing rent payment data from our software platform and sharing this information with the greater real estate industry. We hope the trends and predictions we’ve shared in this white paper will provide some guidance for real estate professionals as we navigate the new year together.”
Several trends in rent payment behavior emerged based on monthly rent payment data collected between March and December of 2020:
- The majority of renters are paying rent on time, but the total number of rent payments received nationwide by landlords and property managers has declined by an average of 25%
- Tenants with online rent payment options are considerably more likely to pay rent on time
- Landlords and property managers are actively expressing interest in online rent collection options
Rentec Direct collected and analyzed aggregated anonymous data from its property management software platform, representing 620,000 rental properties nationwide. Because most tenants pay rent during the first week of the month, data from the first week of each month was compared to the same period for months prior. For the purpose of this study, Rentec Direct considers March 2020 to be the onset of the COVID-19 pandemic in the United States, when many stay-at-home orders and business shutdowns were initiated. Data from January and February of 2020 were also considered as a baseline for rental payment behavior prior to the pandemic.
“2020 Rental Trends: The Impact of COVID-19 on Rent Payments” provides a data-driven analysis of rental payment behavior in the United States during the COVID-19 pandemic, which impacts both tenants and landlords. To view the white paper in its entirety, visit: https://www.rentecdirect.com/blog/wp-content/uploads/2021/01/2020-Rental-Trends.pdf.
About Rentec Direct
Rentec Direct offers industry-leading property management software and tenant screening solutions for real estate professionals. Features include online rent payments, tenant and owner portals, the industry’s largest vacancy listing syndication network, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct was named one of the Most Customer Friendly Companies of the Year in the 2020 Best in Biz Awards, received the silver Real Estate Company of the Year Award in the 2020 American Business Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for four years in a row (as of 2020), and was also included on the 2017, 2018 and 2019 Entrepreneur360 list for Best Entrepreneurial Companies in America. http://www.rentecdirect.com