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.

1. Has anyone in your household experienced an interruption in employment due to the quarantine?

I was laid off - 31%

Other - 28.8%

Switched to working from home - 22.4%

Going to work as usual - 16.8%

Eternal freelancing - 1%

2.Are you worried about paying rent?

Yes - 62.7%

No - 37.3%

3. How do you normally pay rent?

Online payments - 65%

Check - 12.3%

Direct bank deposit - 12.2%

Cash - 6.1%

Other - 4.5%

4. Are you worried about submitting maintenance requests during the quarantine?

Nothing urgent is broken so I can wait until after quarantine - 53.8%

Yes, I'm worried about letting anyone in right now - 20.7%

I'm not worried, everything should be fixed immediately - 19.6%

I am doing the repairs myself - 5.8%

5. Is your household about to change?

No, everything is staying the same - 82.3%

Yes, I am now thinking of moving in with family or friends - 8.8%

Yes, I am thinking about moving into a smaller place - 7%

Yes, friends and family are moving in with me - 2%

6. How do you plan to use your stimulus check?

Paying other bills - 39.4%

Paying rent - 39.4%

Saving it - 26.9%

I'm not receiving one - 22%

Spending it at local businesses - 6.4%

TenantCloud survey results

 

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