Press release
Realtor.com®'s Avail Survey Finds Renter Confidence is On the Rise
At the same time, renters and landlords in need aren't sure where to turn SANTA CLARA, Calif., Feb. 15, 2022 /PRNewswire/ -- A strong job market is helping to
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[{"type":"text","content":"At the same time, renters and landlords in need aren't sure where to turn\n\n\nSANTA CLARA, Calif., Feb. 15, 2022 /PRNewswire/ -- A strong job market is helping to boost renter confidence as we enter the third year of the pandemic. A new survey released today by Avail, part of Realtor.com®, shows that 82% of renters said they have not missed a rent payment over the past 12 months, up significantly from 57% in Sept. 2021. Looking forward, more than three-quarters of renters (77%) don't expect to miss a rent payment in the next three months – more than double the 38% who said this in the Sept. survey. \n\"As the pandemic dragged on longer than expected, many renters struggled to make payments, as jobs in a number of industries including travel and hospitality were hard to come by. Even those with jobs grappled with pandemic-related work disruptions that left many feeling unsure about their finances,\" said Danielle Hale, Chief Economist, Realtor.com®. \"However, we are seeing a light at the end of the tunnel. The job market has made a dramatic comeback and despite rising prices across the board, renters are feeling more financially stable and overwhelmingly confident in their ability to pay their rent.\"\nAvail surveyed 2,163 renters and 1,156 landlords in Jan. 2022 to get their thoughts on topics surrounding the state of the rental market. Many questions were benchmarked from surveys earlier in the pandemic to understand COVID-19's impact on renters and landlords.\nRent increases are on the horizonIn line with this boost in renter confidence, the majority of landlords are planning to increase rent this year. According to the survey, 61% of landlords plan to raise the rent on at least one of their rental properties in the next 12 months. The most common increase will be between 5% and 10%, which is on par with Realtor.com®'s forecasted national rent increase of 7.1%. Here is the full breakdown of landlords' planned rent increases:\nLess than 5% (38%) 5-10% (45%) 10-15% (9%) 15-20% (5%) More than 20% (3%)Renters and landlords don't know where to go for helpBut awareness around assistance programs remains low, with survey data indicating that neither renters or landlords know where to turn for help if they feel they can't pay their rent or mortgage. Only 51% of renters and 71% of landlords said they are aware of programs created to ...