TurboTenant publishes its State of the Rental Industry Report

TurboTenant releases its analysis on the rental industry using survey data collected in 2020.

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Jan 14, 2021, 14:22 ET

FORT COLLINS, Colo., Jan. 14, 2021 /PRNewswire/ -- TurboTenant, an all-in-one, free property management tool, published its industry analysis - The State of the Rental Industry Report: Rent Payment, Rent Pricing, and Communication Trends From 2020. This report is the compilation and breakdown of survey data from landlords and renters collected throughout 2020.

Read The State of the Rental Industry: Rent Payment, Rent Pricing, and Communication Trends from 2020

"Surveying our landlords and renters throughout 2020 was the best way for us to learn how they were being affected by the pandemic, eviction moratoriums, and lack of rent relief," said Sarnen Steinbarth, TurboTenant's Founder and CEO. "Identifying trends helped us to provide more value to our landlords by adapting our product and providing helpful resources during a difficult year."

TurboTenant's State of the Rental Industry Report Highlights
Surveys were sent to over 70,000 TurboTenant landlords and renters from April to December.

The percentage of landlords receiving full rent decreased throughout 2020, peaking in December with only 54% reporting they received full rent payments.
Independent landlords with 1-4 units received the most missed payments throughout the year.
Households making less than $50,000 annually were financially impacted the most, with only 69% reporting they made full rent payments in December.

TurboTenant and OTL Ventures, a long-time development partner, merged in May of 2020, doubling the size of TurboTenant and allowing them to accelerate product development.

"We believe a great rental process can make a huge difference in a tenant's life which is why we empower landlords to create a fantastic rental experience," said Seamus Nally, TurboTenant's Chief Product Officer. "Now more than ever our landlords and renters need flexibility. We've launched online payments with the ability to accept rent via credit card, make partial payments, and add flexible payment plans to help both our renters and landlords get through these difficult financial times."

About TurboTenant
TurboTenant helps independent landlords improve the investment performance of their properties by offering them access to online tools. Features include online rental applications, tenant screening, rental marketing, and online rent payments. TurboTenant is an Inc. 5000 company and all of its features empower landlords to create welcoming rental experiences through positive interactions with their tenants. Sign up at www.turbotenant.com/tenant-screening/

Contact

Sarah Stinson
TurboTenant
[email protected]

SOURCE TurboTenant, Inc.