During the Corona Virus pandemic, there have been several lockdowns resulting in weeks of remaining sheltered in place. From construction to real estate and property management, many of the vendors that property owners rely on have been put at a standstill time and time again. In turn, renters have been anxious to make a move when there is a window of opportunity offered. Are your units ready to be shown?
Renters Back on the Move
Rent Café has stayed up to date during the pandemic and shares data surrounding the rental world. The listing site shows apartment searches plummet 24 percent during the first lockdown in March 2020. In the following weeks, searches were down an additional 9 percent. As years have begun to pass and we live in the Covid ruled world “Searches for apartments have returned to pre-pandemic volumes, both on Google Trends, and Rent Cafe, a breeze of optimism for both consumers and the rental market eager to move forward” according to one report.
A survey of renters showed most intended to move forward with any planned moves despite continued COVID-19 restrictions. 9,000 respondents were surveyed in April 2020 and a mere 11 percent planned to stay put, due to restrictions.
In the early days of the pandemic, a growing percentage of renters changed their search to find something less expensive than they had originally planned, indicating a continued economic uncertainty. Not surprisingly, virtual tours were increasingly popular, in 2020 with 28 percent of respondents saying they would make their decisions based on online pictures and tours alone to abide by government restrictions.
During the pandemic, Livable continued to provide custom utility management and cost recovery solutions for property managers. Book a call today and learn how you can reduce your environmental footprint while generating revenue for your property.
Tenant turnovers are a fact of life, now more than ever. But Rentprep offers some easy ways to reduce turnover, from having a strong screening process to creating positive relationships with residents. Another helpful suggestion is to determine your average tenant turnover rate and the typical cost per turnover. Budget this amount into your bottom line so turnover expenses don’t take you by surprise.