An Assurant survey showed that nearly 75 percent of renters shifted towards more affordable rental options during the pandemic.
In the firm’s latest Multifamily Housing Renter Perspective Study, 40 percent of 608 renters surveyed between Jan. 20 and 26 said they relocated to more affordable units.
The survey also showed that another 34 percent of renters moved into another unit as a roommate for a more affordable living situation. When asked if renters would renew their lease if the lease terms were shortened and rent stayed the same, 78 percent of renters said they would.
Assurant’s survey also showed that 46 percent of participants needed rent relief in 2020, with another 24 percent adding that they would definitely need rent relief in the next three months.
Last year, the survey was released in June and showed that 42 percent of renters were unsure about their rental stability going forward.
In this year’s survey, 68 percent of property management companies and landlords reported that they are still implementing COVID-19 plans whether that be in the form of safety or financial issues.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.