Rental property owners across the country steeled themselves for what was predicted by experts to be at least a few months of unpaid rent. But it turns out there was not much to worry about.
- In May 2020, Multi-Housing News reported that 87.7% of renters paid full or partial rent. By comparison, during the same time period last year, 89.8% of renters paid their rent.
- A survey from the Apartment List website still provides more hope. It found that 79% of renters are at least somewhat confident they can afford their June rent. Renters feel they’ll be able to pay even if “shelter-in-place” remains in effect.
- The research data doesn’t break down any difference in payment trends between apartments, condos, townhomes, or single-family rentals. But there are reasons to believe single-family homes are more resilient to the economic effects of a spike in unemployment like we see with the pandemic.
Investors are flocking to single-family rentals. They see that companies owning huge pools of rental homes are weathering the present crisis far better than feared. Many investors expect single-family homes will become more desirable to live in but also more expensive to buy.