Applicant interest amid COVID-19
Hi guys,
This question will probably be more easily answered by those that have large portfolios or manage such.
Since the pandemic shutdown, what have you seen as far as a drop off in the interest in available units compared to this same time last year?
I'm trying to evaluate a new market with rental comps, and I'm trying to decide if the virus has most people staying put in their current housing, or this particular market does not have a demand for rentals.
Thank you in advance!
Most Popular Reply
Our experience is similar to @Filipe Pereira's -- demand for rentals has not diminished, but rather increased greatly during this lockdown. We quickly switched over to virtual (moving video) showings and received MORE applications for units than any month in the last year.
We are now at almost 100% occupancy, and out of 300+ doors, only 4 are milking the eviction moratorium put in place by Gov Wolf (PA) until July 10, 2020.
Going forward, I see no reason to switch back to in-person showings. There are always some hidden benefits to any challenge. We used the time and money savings of working remotely and virtual showings to upgrade our website, increase advertising, and keep our entire team working.
Most importantly, we are all well! Best to all!