Dealing with Rent Payments During the PandemicMay 01, 2020
With extreme numbers popping up all over the news, it’s hard not to be concerned about housing right now. Whether you’re worried about collecting rent or paying it, the good news is that most reports put together by rental industry leaders paint a more stable picture of how both landlords and tenants are coping with the economic downturn.
Recently, TenantCloud surveyed over 4,000 users in order to find out how they’re dealing with changes due to COVID-19. The collected data paints a picture for landlords who are concerned about the coming months and how the rising unemployment rates might impact rent payments.
What we found is that while 63% of the tenants surveyed were worried about paying rent, 40% said they plan to use stimulus checks to help cover their bills- including rent. Although the future is still uncertain, many landlords remain positive about the future of the rental industry and are using these stats to create action plans with tenants who have been affected or apply for SBA loans, if needed.
We’re sharing more of the survey results below to shed light on the rental industry realities amid the pandemic and to help you see the overall picture of the current situation so you can make the best decisions moving forward.