GRANTS PASS, Ore., June 16, 2020 /PRNewswire-PRWeb/ -- Rentec Direct, the highest-rated property management software solution, recently published a rental trends report revealing the impact of COVID-19 on rent payment behavior during the month of June. Aggregated anonymous data collected over the past four months shows that rent payments received by landlords nationwide have decreased during the pandemic, and tenants with online rent payment options were more likely to pay rent. The June rental trends report follows similar reports released by Rentec Direct in April and May.
"The rental industry has remained active throughout the pandemic, but there have been major changes in the face of economic upset and massive layoffs," said Nathan Miller, President of Rentec Direct. "The country is slowly beginning to reopen, but best practices and behaviors for both landlords and renters have shifted. Rentec Direct is on a mission to determine exactly how COVID-19 has impacted rental payment behavior."
The report showed three main trends in rent payment behavior for the month of June:
- Landlords and property managers saw the largest decrease in rent payments received since the start of the pandemic: As of June 10, the number of rent payments received nationwide by property managers and landlords was 24 percent lower than the number of rent payments received during the same period in March.
- Renters were more likely to pay rent online than by cash or check: Of tenants who paid rent electronically, nationwide rent payments in June were down only 1.4 percent compared to online payments for the same period in May. When compared to the 24 percent decrease in total rent payments, it is clear online payment options increase the likelihood of paying rent on time.
- Interest in online rent payment options is stabilizing: Despite the increased likelihood of on-time rental payments due to online payment options, the number of applications to turn on online payments decreased by 11 percent in June.
To create the report, Rentec Direct pulled aggregated anonymous data from its property management software platform, representing 620,000 rental properties nationwide. Because most tenants pay rent during the first week of the month, data from the first week of June was compared to the same period in March, April and May. Because many stay-at-home orders were initiated in mid to late March, the impact of COVID-19 on certain renter behaviors could be determined during this time frame. Rentec Direct also looks at data from January and February of 2020 as a baseline for rental payment behavior prior to the COVID-19 pandemic.
To view the rental trends report in its entirety, visit: https://www.rentecdirect.com/blog/wp-content/uploads/2020/06/June-2020-Rent-Payment-Trends-Rentec-Direct.pdf.
About Rentec Direct
Rentec Direct offers industry-leading property management software and tenant screening solutions for real estate professionals. Features include online rent payments, tenant and owner portals, the industry's largest vacancy listing syndication network, full property, tenant, and owner accounting, 1099-MISC reporting and more. Rentec Direct received the Real Estate Company of the Year Award in the 2019 American Business Awards, has been named to the Inc. 5000 List of Fastest-Growing Private Companies for three years in a row (as of 2019), and was also included on the 2017, 2018 and 2019 Entreprenuer360 list for Best Entrepreneurial Companies in America. http://www.rentecdirect.com
SOURCE Rentec Direct
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