Key Highlights
- Rentec Direct releases December’s monthly report tracking impact of COVID on rental payments
- Report highlights three key trends in rental payment behavior for December
Rentec Direct, a property management software company, has been publishing monthly reports since April about the impact of COVID-19 on rental payment behavior. Nathan Miller, president of Rentec Direct, said, “2020 has been a year unlike any other, and the rental industry has not been immune to the challenges and difficulties presented by the global pandemic.”
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Miller believes that the data and analysis of pandemic effects on the rental industry will help “…landlords and property managers make (better) informed decisions as we head into 2021.
December’s latest report focuses in on three key trends revealed in rental payment activity and behavior. To determine these trends, Rentec Direct has utilized data from the first week every month since April and then compared that data for the past eight months
Here are Rentec Direct’s most recent insights:
- Landlords and property managers continued to receive fewer rent payments. As of December 10, landlords and managers received -24% fewer rent payments. This -24% is comparable to rental payments received in March, pre-COVID but also better than the -27% received from rent-paying tenants in November.
- Online rent payment options continued to increase the likelihood that tenants would pay their monthly payments in December. Nationwide, now that electronic rental payment options are available, tenants utilizing this option had an 8.1% increase in paying their rent on time in December than tenants who did not have this option available to them in March.
- Interest in online rental payment collection options from landlords and property increased +4.1% in November.
If you and/or your clients are landlords and property managers, you might want to share Rentec Direct’s analysis of online rental payment collection.
Thanks to Rentec Direct.
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