Tag Archives: Rental

TurboTenant releases its State of the Rental Industry Report 2021

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TurboTenant publishes its annual report analyzing rental industry trends collected from survey data.

Fort Collins, CO – Jan. 13, 2022 (PRNewswire) TurboTenant, an all-in-one, free property management tool, released its annual analysis of rental industry trends – the State of the Rental Industry Report 2021. Utilizing both landlord and renter survey data collected throughout 2021, the report examines trends related to rent payments, evictions, rent relief and more.

“TurboTenant’s State of the Rental Industry Report provides a deep dive into the impact the pandemic continues to have on the rental industry,” said Seamus Nally, TurboTenant’s CEO. “It is evident in our survey data that independent landlords and renters continue to face challenges related to rent relief, eviction moratoriums and a competitive real estate market.”

Read the State of the Rental Industry Report 2021.

The State of the Rental Industry Report 2021 Key Findings
Many renters still struggled to pay rent last year despite positive job growth and increased vaccine ability in the U.S. The issue was exacerbated by the slow rollout of rent relief. Here are a few key findings:

The percentage of landlords who received full, partial, and zero rent payments throughout 2021.
The percentage of landlords who received full, partial, and zero rent payments throughout 2021.
  • For every month of 2021, landlords with 1-4 units received the most full rent payments and the most missed rent payments.
  • In December, 17% of landlords said they had filed for eviction due to nonpayment of rent – the highest percentage yet.
  • Since April of 2021, over 50% of renters reported monthly they were unaware of federal or state emergency rental assistance programs.

“Through our product and education, we strive to respond in real-time to the challenges landlords and renters are facing,” Nally said. “Free rent reporting and the ability to collect partial rent payments online were direct responses to such challenges. We hope the data in this report provides helpful insights for the broader rental industry as it has for us.”

Please reach out to press@turbotenant.com for specific data requests. For city-specific rental trends, visit the Rental Data Center.

About TurboTenant
More than 400,000 independent landlords across the U.S. turn to TurboTenant for free, all-in-one online property management solutions. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements and rent reporting. Sign up for free at www.turbotenant.com.

Contact
Taylor Marley 
TurboTenant
taylor@turbotenant.com 

SOURCE TurboTenant, Inc.

One-Fifth of U.S. Tenants At Risk of Eviction

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Source: Statista

The alarm is being sounded by advocates across the U.S. of an impending eviction crisis, as moratoriums on rent payments due to COVID-19 restrictions begin to end starting in August. An enormous lack of policy or guidelines on continuing moratoriums or what tenants and landlords are supposed to do is expected to cause an eruption of evictions and turmoil. One study from Colorado shows just how dire the situation may be.

According to a study conducted by the COVID-19 Eviction Defense Project, between 19-23 million people are at risk of eviction by Sept. 30 due to moratoriums being lifted. That’s over 20 percent of the nearly 110 million renters in the country, at a time when the economy is entering a deep contraction and 44 million people have filed for an unemployment.

People of color, undocumented immigrants and low-income renters are among those who are expected to be most affected by this crisis. The study used models which incorporated income, employment, savings, household costs and other personal financial data to determine the 19-23 million number.

Income inequality and rising rent have been growing issues for decades in the U.S., and advocates and experts suspect this eviction crisis could be the boiling point for millions of low-income Americans into becoming homeless. The short-term costs of being evicted during a global pandemic and national financial depression are self-evident, however the long-term costs of not being considered for future apartments or houses and cratering credit scores are also heavy costs for those already in difficult situations.

According to analysts, there’s still time for local and national policymakers to resume moratoriums or create proper policy in order to avoid this crisis. Short-term emergency halts in rent payments are already being passed around the country at a local level. However, time is quickly running out for state and federal policymakers.

Infographic: One-Fifth of U.S. Tenants At Risk of Eviction | Statista

Steady U.S. Rent Growth Continues, Yardi Matrix Reports

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February data points to the strength of multifamily sector’s fundamentals

Santa Barbara, CA – March 21, 2019 (PRNewswire) A $2 rise in average U.S. rents in February 2019 and year-over-year growth of 3.6%, the highest since late 2016, point to the multifamily industry’s continuing strength, according to a new report from Yardi® Matrix.

(PRNewsfoto/Yardi)

A February survey of 127 major U.S. real estate markets shows that demand, bolstered by a job market with low unemployment and accelerating wage growth, shows no signs of slowing. Demand is most pronounced in metros with strong population gains and healthy job growth. Rents averaged $1,426 for the month.

The latest numbers “are evidence that the market has strength to perform well for a while, even if the economy or other commercial real estate segments slow down,” the report says. “Occupancy rates have ticked down slightly, but absorption has been no problem.”

February’s year-over-year rent growth leaders were Phoenix, Las Vegas, Sacramento, Calif., Atlanta and California’s Inland Empire.

View the full Yardi Matrix multifamily national report for February 2019 for additional detail and insight into 127 major markets.

Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.