SatisFacts COVID-19 National Renter Study Reveals Pandemic's Impact on Renters

Industry-first study helps multifamily operators better understand and respond to renters' pandemic-related experiences

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Jun 08, 2020, 08:30 ET

LOS ANGELES, June 8, 2020 /PRNewswire/ -- More than 100,000 renters across the country have been recruited to participate in the COVID-19 National Renter Study, conducted by SatisFacts Researc h.

With the foresight that the pandemic would significantly affect the entire multifamily industry, SatisFacts set out to measure and analyze renter sentiment in regards to financial implications, renewal intentions, and overall satisfaction with how property management companies have responded to the crisis.

This study is the first of its kind.

"Other pandemic-related industry studies have been conducted from the perspective of multifamily operators, but until now no studies have asked renters to share their experiences," says Lia Nichole Smith, SatisFacts' VP of Education and Performance. "The findings of this new SatisFacts study will help the industry create operational strategies reflective of our current times, while also planning for the future."

Among the study's notable findings:

38.2% of respondents reported a loss of at least 50% of their income as a result of the coronavirus
42.5% reported that they have transitioned to working from home due to COVID-19
77.1% of leasing offices are closed due to the pandemic
51.3% indicated that virtual tours did not provide sufficient information to make a leasing decision

SatisFacts has released a whitepaper to the public containing a first round of results and analysis from the study that is available for download here: https://www.satisfacts.com/covid-19-national-renter-study-round-1/.

The SatisFacts team is currently concluding a second round of analysis, with an additional third round scheduled throughout June.

Webinar with the National Apartment Association

In addition to the publication of the first study whitepaper, SatisFacts has partnered with the National Apartment Association (NAA), a leading voice for the rental housing industry, to host a webinar that will review the results of the first two rounds of the study and discuss emerging trends as the pandemic continues to impact renters across the nation. The webinar is scheduled for Thursday, June 11th at 11:00am PT / 2:00pm ET and is open to the public. Interested parties can register for the webinar here: https://naahq.zoom.us/webinar/register/WN_gGPuiZfzQBS6HPXvH8fO2g

About SatisFacts

SatisFacts is the leading provider of multifamily research and resident surveys, focusing on multifamily retention and reputation management. With 20 years of experience serving more than 3 million units nationwide, SatisFacts' surveys provide actionable feedback to help increase resident satisfaction and property management companies' overall bottom lines. To learn more about the services we provide, please visit www.satisfacts.com. SatisFacts is a division of Internet Brands®.

SOURCE SatisFacts Research