{"id":13453,"date":"2020-06-17T16:00:02","date_gmt":"2020-06-17T23:00:02","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=13453"},"modified":"2020-06-18T09:44:38","modified_gmt":"2020-06-18T16:44:38","slug":"rental-trends-report-2020","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/rental-trends-report-2020\/","title":{"rendered":"Rent Payments See Biggest Drop Since COVID-19 Pandemic | Rental Trends Report"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-13469\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payment-Trends-June-2020-1.png\" alt=\"rent payment data report\" width=\"950\" height=\"558\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payment-Trends-June-2020-1.png 950w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payment-Trends-June-2020-1-300x176.png 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payment-Trends-June-2020-1-600x352.png 600w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payment-Trends-June-2020-1-768x451.png 768w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/p>\n<p><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf\"><span style=\"font-weight: 400;\">Rent payments received by landlords and property managers are at their lowest point<\/span><\/a><span style=\"font-weight: 400;\"> since the onset of the COVID-19 pandemic in the United States, according to nationwide rent payment data from Rentec Direct.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to understand how COVID-19 has impacted rental payment habits, Rentec Direct looked at data from over 600,000 rental units in the U.S. by comparing the first week of each month to the same period in March 2020, when most state shutdown orders occurred.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because most tenants pay rent during the first week of the month, we determined this would give us definitive data surrounding rental payment behaviors. We can also look at data from the first couple of months of 2020 as a baseline for rental payment behavior prior to the COVID-19 pandemic.<\/span><\/p>\n<h2>2020 Rental Trends Report | Impact of COVID-19 on Rent Payments<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf\">June 2020 Rent Payment Trends Report<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/05\/May-2020-Rent-Payment-Trends-Rentec-Direct.pdf\">May 2020 Rent Payment Trends Report<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/04\/Rentec-Direct-Report-2020-Rent-Payment-Behavior-from-COVID-19.pdf\">April 2020 Rent Payment Trends Report<\/a><\/li>\n<\/ul>\n<h2>Rent Payment Data Key Takeaways<\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rent received has been steadily decreasing since the onset of the pandemic.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There has been no significant change to the amount of rent received from renters who pay rent online, via direct bank transfer or by credit or debit card.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Property managers and landlords are adopting online tools to assist tenants, like online rent payment options.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-13454 size-full\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payments-Received-2020-Data.png\" alt=\"rent payments received 2020 data\" width=\"756\" height=\"464\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payments-Received-2020-Data.png 756w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payments-Received-2020-Data-300x184.png 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/Rent-Payments-Received-2020-Data-600x368.png 600w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/a><\/p>\n<h2>Impact of COVID-19 on Rent Payments for 2020<\/h2>\n<p><span style=\"font-weight: 400;\">Over the course of the last three months, we have been looking at the impact of COVID-19 on renters\u2019 ability to pay their rent. With so many Americans losing their main source of income due to national, state, and local stay-at-home orders, it\u2019s understandable that some people are unable to afford some cost-of-living expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rent is often the most expensive cost-of-living expense, with the majority of Americans spending more than <\/span><a href=\"https:\/\/bettermoneyhabits.bankofamerica.com\/en\/saving-budgeting\/average-household-monthly-expenses\"><span style=\"font-weight: 400;\">30% of their income on housing<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amount of rent received has been steadily declining over the past three months, with <a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf\">data from June 2020<\/a> indicating that renters are more financially burdened now than at the onset of the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This data is in line with other statistics that show unemployment rates have been rapidly increasing as a result of the pandemic. We can also take note of the fact that only <\/span><a href=\"https:\/\/www.bankrate.com\/banking\/savings\/financial-security-june-2019\/\"><span style=\"font-weight: 400;\">1 in 4 Americans have more that 3 months of savings<\/span><\/a><span style=\"font-weight: 400;\">, so if unemployment continues to rise, we can expect to see a continued decrease in the amount of rent received in the coming months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even with the $1,200 stimulus check sent to qualifying American households, a majority of recipients used their stimulus check to catch up on bills and rent, according to <\/span><a href=\"https:\/\/www.marketwatch.com\/story\/the-no-1-thing-americans-are-spending-their-stimulus-checks-on-even-more-than-splurging-in-costco-walmart-and-target-2020-05-23\"><span style=\"font-weight: 400;\">MarketWatch<\/span><\/a><span style=\"font-weight: 400;\">. Since the stimulus check was used for past bills and rent, it would not have been able to cover June rent payments. Recent data from the IRS indicates that as many as <\/span><a href=\"https:\/\/www.cbsnews.com\/news\/stimulus-checks-as-many-as-35-million-people-may-still-be-waiting\/\"><span style=\"font-weight: 400;\">35 million Americans are still waiting to receive their stimulus checks<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">National Unemployment Rates<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Reflecting the effects of the coronavirus pandemic and efforts to contain it, the unemployment rate and the number of unemployed persons are up by 9.8 percentage points and 15.2 million, respectively, since February 2020, according to <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\"><span style=\"font-weight: 400;\">U.S. Bureau of Labor Statistics<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">American Financial Savings Data<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Nearly three in 10 (28 percent) U.S. adults have no emergency savings, according to <\/span><a href=\"https:\/\/www.bankrate.com\/banking\/savings\/financial-security-june-2019\/\"><span style=\"font-weight: 400;\">Bankrate\u2019s latest Financial Security Index<\/span><\/a><span style=\"font-weight: 400;\">. One in four have a rainy day fund, but not enough money to cover three months\u2019 worth of living expenses.<\/span><\/p>\n<h2>Online Payments Increase the Likelihood of Paying Rent<\/h2>\n<p>Despite overall rent payments received decreasing by 24% in June 2020, online rent payment data show only a 1.4% decrease in online rent payments received. This indicates that renters who have the option to pay rent online, either by a direct bank transfer or by credit or debit card, are more likely to pay rent.<\/p>\n<p><a href=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-13461 size-full aligncenter\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/online-rent-payment-data-june-2020.png\" alt=\"\" width=\"512\" height=\"310\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/online-rent-payment-data-june-2020.png 512w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/06\/online-rent-payment-data-june-2020-300x182.png 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a><\/p>\n<h2>The Future of the Rental Housing Industry<\/h2>\n<p>COVID-19 has forced every industry to adapt. During the global shut down, the rental industry discovered new ways to meet social distancing requirements and adhere to stay-at-home orders, while providing essential housing to renters everywhere.<\/p>\n<p>As we enter a new phase and the country slowly begins to reopen, we will continue to see the use of digital experiences for property management. Almost <a href=\"https:\/\/www.rentecdirect.com\/blog\/manage-rental-properties-remotely\/\">all rental management tasks can be completed online<\/a> with property management software tools and apps designed for the rental industry.<\/p>\n<p><strong>Property managers and landlords can use tools like:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.rentecdirect.com\/details\/online-payments\">Online rent payment options<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/virtual-rental-property-inspections\/\">Virtual inspection tools<\/a><\/li>\n<li>Online rental applications<\/li>\n<li>Electronic signatures for signing lease agreements remotely<\/li>\n<li>Online rental ads and virtual showings<\/li>\n<li>Online maintenance requests<\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/details\/tenant-portal\">Tenant Portal<\/a> for instant resident communication<\/li>\n<\/ul>\n<p>Online tools, like these, are necessary options for property managers and landlords who need to conduct the majority of their business remotely. One of the challenges with working remotely, however, is remembering to stay connected with your residents and facilitate a positive <a href=\"https:\/\/www.rent.com\/blog\/bad-landlord-bad-tenant\/\">landlord-tenant relationship<\/a>. Rental professionals can look to these tips for <a href=\"https:\/\/www.rentecdirect.com\/blog\/how-to-stay-connected-while-social-distancing\/\">staying connected with tenants and property management teams while social distancing<\/a>.<\/p>\n<hr \/>\n<h2>Related Reading for You<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/moving-during-covid-19\/\">How to Manage Renters Moving During COVID-19<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/rent-security\/\">Rent Security for Property Managers and Landlords During COVID-19<\/a><\/li>\n<li><a href=\"https:\/\/www.rentecdirect.com\/blog\/prioritize-maintenance-requests\/\">How to Prioritize Maintenance Requests<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Rent payments received by landlords and property managers are at their lowest point since the onset of the COVID-19 pandemic in the United States, according to nationwide rent payment data from Rentec Direct.\u00a0 In order to understand how COVID-19 has impacted rental payment habits, Rentec Direct looked at data from over 600,000 rental units in [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":13469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14497,275,3],"tags":[14291,14936],"class_list":["post-13453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-education","category-news","tag-covid-19","tag-rental-trends-report","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - 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