With the demand for long-term rentals rebounding in April, as shown by Google search trends, we recently ran a survey* of Zumper users and asked them how COVID-19 has impacted how they are renting. The survey revealed that 85% of users are still searching for apartments during the pandemic.
Google trends show a rebound to apartment search volumes similar to those of spring last year
The demand for long-term rentals reached its lowest point in mid-March as Google Search volumes dropped about 40% year-over-year. Since then, both Google Search volumes and Zumper traffic have recovered in April with search volumes from Google Trends even returning close to spring of last year. Renters are looking for apartments again but, as the survey reveals, find themselves in a new rental landscape with shifting priorities and feelings in response to the pandemic.
Financial Impact on Renters: 35% lost their jobs or received pay cuts
Overall, 2 of 3 Zumper users were financially impacted in some way due to COVID-19. Of those impacted, 35% lost their jobs or received a pay cut. Many had to take on additional costs and/or had a co-renter impacted. Given the financial consequences, a significant portion of those looking to move are likely renters who are in need of cheaper rent.
Changing apartment search criteria: Need for more virtual tours & reduced budgets
The main way that search criteria has been affected post-pandemic was that renters are looking for more virtual tours. In response, many apartment properties and marketplaces have introduced online tour and digital leasing features, like Zumper’s Instarent. Renters are also reducing their budgets, due to financial strain, and expanding their search radius to include neighborhoods or areas they may not have considered before. A smaller portion of users had to narrow their search radius and 5% actually increased their budget.
New challenges when searching for apartments: Fears of not hearing back, apartments not accurately reflecting listing descriptions, & lack of affordable options
Renters are most concerned about not hearing back from landlords or property managers during this time, as many may not be actively searching for new renters during Shelter-in-Place and Stay-at-home orders. The fear of not being able to view apartments in person, which was the next most significant concern, goes hand in hand with uncertainties around scams, meeting landlords, and apartments actually matching the corresponding photos and sizing descriptions. In addition, many renters are also struggling to find affordable options, which is extremely important as previous charts show the negative financial impact on many renters from the pandemic.
Shifting listing detail prioritization: Image quality, descriptions, and floor plans are especially important while commute time becomes less of a concern
Image quality was the most important factor to renters when looking at an apartment listing at this time since it is difficult to see an apartment in person. Floor plans and listing descriptions have also become especially significant since renters say it’s hard to assess the size of an apartment from just online videos or photos. With many companies working from home indefinitely, commute time, which used to be very important to renters, has been deprioritized to one of the least important details.
Changing tour preferences: 1 in 3 now prefer to tour virtually because of COVID-19
There is still some nervousness around only using online tours, as 52% of users reported preferring to tour in-person despite COVID-19. However, on the flip side, openness to virtual tours is growing as 32% of renters said they would prefer to tour virtually because of the pandemic.
With 40% of our users reportedly never leaving their homes, online tour features are becoming more important and, as seen in our April national rent report, 80% of renters would be open to leasing an apartment they’ve only toured virtually.
About
*The Zumper survey was sent to Zumper users from 4/16/2020 to 4/23/2020 and received over 500 responses.
Additional data from this post was collected from Google search trends.
To keep up to date with rent changes across the country, like or follow Zumper on Facebook, Twitter, and Instagram. In the market for a new place? Search apartments for rent on Zumper.
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