Renters Less Likely to Renew Lease Post-Pandemic
A rental market shake-up may be coming our way. Renters on both ends of the financial spectrum are considering ending their lease due to the pandemic once their contract expires. Some renters are finding it difficult to make payments while others at luxury apartments look to escape the city as building amenities such as workout rooms and pools became useless. HousingWire says only 26.1 percent of renters with leases expiring in the next six months said they are likely to renew their lease while 35.9 percent said they will not.
Homeowners isolated because of the coronavirus pandemic are seeking more space away from the city, and renters are feeling the same way.
And despite stimulus checks, the paycheck protection program and other government resources, nearly 61% of households in the U.S. remain vulnerable, according to housing market research from Amherst.
Only 34.1% of renters said their management company has offered a payment plan for May’s rent, while a whopping 65.5% said they are unaware of any local, state or federal programs to help with rental assistance, a survey from SatisFacts said.
Based on current experience in their dwelling, 26.1% of renters surveyed with leases expiring in the next six months said they are likely to renew their lease, 35.9% are likely not to renew and 38% are somewhat likely or not sure at the moment.