New Data from Rentec Direct Shows U.S. Renters Continue to Struggle with Rent Payments
Property management software company, Rentec Direct, releases November rental trends report, the latest in a monthly study analyzing rent payment behavior
NOVEMBER 12, 2020
GRANTS PASS, ORE. –Rentec Direct, the highest-rated property management software solution, today released a new rental trends report exploring the impact of the COVID-19 pandemic on rent payment behavior during the month of November. Aggregated anonymous data collected over the past eleven months was used to analyze rental payment trends. The November report shows the latest round of data in a study Rentec Direct has conducted each month since April 2020.
“With the end of the year quickly approaching, our team remains committed to sharing this important data with real estate professionals,” says Nathan Miller, President of Rentec Direct. “We look forward to analyzing the trends that have emerged as a direct result of the pandemic, and use the data to begin to make predictions for the future of the rental industry.”
The November report unveiled three key trends in rent payment behavior:
- The number of rent payments received nationwide by landlords and property managers has dropped 27% since the onset of the pandemic: The number of rent payments received nationwide by landlords and property managers has been consistently declining since the onset of the pandemic, but November saw a slight increase in the number of payments received, up 1% from last month.
- Tenants are more likely to pay rent online: Of tenants who have electronic rent payment options, rent payments received in November are almost 2% higher than online payments received for the same period in March 2020. When compared to the 27% decrease in the total number of rent payments received this month, it is clear that online rent payment options dramatically increase a tenant’s likelihood to pay rent.
- Landlords and property managers are interested in online rent payment options: On average, approximately 124 property managers using the Rentec Direct software platform submit applications for online rent payment capabilities each month. In October 2020, this number increased by 4%.
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 November was compared to the same period for the past eight months. 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 November rental trends report, visit: https://www.rentecdirect.com/blog/wp-content/uploads/2020/11/November-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 four years in a row (as of 2020), and was also included on the 2017, 2018 and 2019 Entreprenuer360 list for Best Entrepreneurial Companies in America. www.rentecdirect.com