SANTA CLARA, Calif.,
Feb. 15, 2022 /PRNewswire/ -- A
strong job market is helping to boost renter confidence as we enter
the third year of the pandemic. A new survey released today by
Avail, part of Realtor.com®, shows that 82% of renters
said they have not missed a rent payment over the past 12 months,
up significantly from 57% in Sept.
2021. Looking forward, more than three-quarters of renters
(77%) don't expect to miss a rent payment in the next three months
– more than double the 38% who said this in the Sept. survey.
"As the pandemic dragged on longer than expected, many renters
struggled to make payments, as jobs in a number of industries
including travel and hospitality were hard to come by. Even those
with jobs grappled with pandemic-related work disruptions that left
many feeling unsure about their finances," said Danielle Hale, Chief Economist,
Realtor.com®. "However, we are seeing a light at the end
of the tunnel. The job market has made a dramatic comeback and
despite rising prices across the board, renters are feeling more
financially stable and overwhelmingly confident in their ability to
pay their rent."
Avail surveyed 2,163 renters and 1,156 landlords in Jan. 2022 to get their thoughts on topics
surrounding the state of the rental market. Many questions were
benchmarked from surveys earlier in the pandemic to understand
COVID-19's impact on renters and landlords.
Rent increases are on the horizon
In line with this
boost in renter confidence, the majority of landlords are planning
to increase rent this year. According to the survey, 61% of
landlords plan to raise the rent on at least one of their rental
properties in the next 12 months. The most common increase will be
between 5% and 10%, which is on par with Realtor.com®'s
forecasted national rent increase of 7.1%. Here is the full
breakdown of landlords' planned rent increases:
- Less than 5% (38%)
- 5-10% (45%)
- 10-15% (9%)
- 15-20% (5%)
- More than 20% (3%)
Renters and landlords don't know where to go for
help
But awareness around assistance programs remains low,
with survey data indicating that neither renters or landlords know
where to turn for help if they feel they can't pay their rent or
mortgage. Only 51% of renters and 71% of landlords said they are
aware of programs created to help renters and landlords during
COVID-19. Among the renters who are aware of emergency rental
assistance programs, just 21% believe they would be eligible to
receive assistance to cover missed rent payments.
"When people are unable to pay their rent, that often leads to
independent landlords being unable to pay their mortgage, creating
instability for both the tenant and the landlord. There are a
number of programs available to help, but unfortunately the survey
indicates that many people don't know where to look for help," said
Laurence Jankelow, Avail co-founder
and VP of Operations at Realtor.com®.
Financial counseling and assistance programs are
available
In order to provide information and resources to
those who need it, Avail is collaborating with the National
Foundation for Credit Counseling, the largest and longest-serving
nonprofit financial counseling organization in the U.S., the
Housing Partnership Network, and Wells Fargo, on the Renter
Advantage program to offer free financial counseling to renters in
need. To learn more about this program, visit:
https://www.realtor.com/homemade/avail-helps-brings-free-financial-counseling-to-renters-in-need/
Survey methodology:
Avail's quarterly survey of
landlords and renters was conducted online in the U.S. between Jan. 13 and Jan. 25, 2022. Approximately
1,156 landlords and 2,163 renters were surveyed. The margin of
error for landlords is estimated at ±2.9% and ±2.1% for
renters.
About Realtor.com®
Realtor.com®
makes buying, selling, renting and living in homes easier and more
rewarding for everyone. Realtor.com® pioneered the world
of digital real estate more than 20 years ago, and today through
its website and mobile apps is a trusted source for the
information, tools and professional expertise that help people move
confidently through every step of their home journey. Using
proprietary data science and machine learning technology,
Realtor.com® pairs buyers and sellers with local agents
in their market, helping take the guesswork out of buying and
selling a home. For professionals, Realtor.com® is a
trusted provider of consumer connections and branding solutions
that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq: NWS,
NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual
license from the National Association of REALTORS®. For more
information, visit Realtor.com®.
Media Contact
nicole.murphy@move.com
View original
content:https://www.prnewswire.com/news-releases/realtorcoms-avail-survey-finds-renter-confidence-is-on-the-rise-301482313.html
SOURCE Realtor.com