[Survey] Rent Payment and Eviction Trends February 2021

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In mid-February we sent a survey to over 80,000 active TurboTenant landlords. We have been surveying our landlord and renter base for nearly a year to gain insights into how the COVID-19 pandemic has impacted their rental process, and identify trends related to rent payments, mortgage payments, debt and income, communication trends, and tenant screening criteria. This is our eighth survey in our series on COVID-related landlord and tenant topics. We will continue to publish insights and data through 2021. This survey was conducted between February 12th through the 16th. Our key takeaways and insights from both landlords and tenants for our February survey are highlighted below. You can read the summary of our data from 2020 in our State of the Rental Industry Report.

Landlord and Renter Demographics

Below we have outlined high-level demographic information for landlord and renter respondents related to location, unit size, forbearance, annual household income, and savings.

Landlords

Key Data Points: 

  • 59% of landlords own rental property in cities or urban areas.
  • 46% of landlords have a mortgage on all their properties, 24% have a mortgage on some of their rental properties, and 30% have no mortgage.
  • 5% of landlords reported they went into forbearance during the pandemic
  • How many units survey respondents own: 1-4 Units – 60%, 5-10 Units – 21%, 11-20 Units – 9%, 21+ Units – 10%.
  • 24% of landlords reported that more than 50% of their income is generated from their rental properties. 

Renters

Key Data Points: 

Rent Payments

Breakdown by State, Unit, and Community Type

Key Takeaways: 

Renter Data

Key Takeaways: 

Tenant Screening Criteria 

Key Takeaways: 

  • 36% of landlords have made their tenant screening criteria more stringent, 8% have made it less stringent during the pandemic. 
  • 65% of landlords require a credit score of 600 or more up four points from the previous month; 11% require a credit score of 700 or more. 
  • 32% of landlords, down eight percentage points from January, reported they had to lower their monthly rent amount in order to fill a vacancy.

We will continue to survey renters and landlords and update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here

If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.

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BY SARAH STINSON

Sarah is the Director of Content and SEO at TurboTenant where she leads a team of experts to provide valuable resources to help landlords and renters. With over 10 years of experience writing in various industries, she has been featured in many top tier publications and is an expert in the real estate tech space as well as the property management industry.

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