Rental Applications Drop 10% in 2020 via Multifamily Executive Magazine

The COVID-19 pandemic has had a big impact on rents and leasing activity in 2020, according to RentCafe’s year-end report. To get the big-picture overview, the firm analyzed 5.8 million renter applications nationwide from RentGrow and rent data from Yardi Matrix.

The findings revealed several trends heading into 2021.

Rental activity has been 10% slower, with a shorter rental season that started after a two-month delay caused by stay-at-home orders. While the busiest renting season typically is from March to August, this year it didn’t kick off until May with a 27% monthly increase in renter activity. The moving season also was cut short, lasting for about two months, as renter movement dropped by 13% in July.

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