Virginia REALTORS® focused this week’s member survey on the impact COVID-19 is having on property managers and landlords. There is evidence that job and income loss is disproportionately impacting renters, which means that property managers and landlords are feeling the strain of late or missed rent payments. This week, we received responses from 97 Virginia property managers or landlords. Results from our members were compared to findings from the National Association of REALTORS® recent member survey, which included questions about property management.
Highlights from the May 22-23, 2020, survey include:
- More than a third of respondents (36.8%) said that they had a tenant or tenants failing to pay May rent, up slightly over the share indicating no April rent payment during last month’s survey.
- Nearly 60% of respondents said that tenants were asking to delay rent payments, and that they were working with them. By comparison, according to NAR’s survey, only 42% of property managers and 25% of individual landlords nationally said they had tenants asking to delay rent and that they will be accommodating them, knowing the circumstances.
- About 14% of Virginia property managers and landlords responding to our survey said they had tenants asking to delay paying rent and that it would be difficult to accommodate them. This share is down from nearly 20% of respondents to last month’s Virginia REALTORS® survey. Nationally, according to the NAR survey, 17% of property managers and 12% of individual landlords find themselves in this situation. In addition, nationally, 7% of property managers and 4% of individual landlords are terminating leases as a result of non-payment of rent.
- Other challenges faced by Virginia property managers and landlords include trouble showing units to prospective tenants (40.2%) and challenges keeping up with maintenance, repairs and/or landscaping (26.4%).
Respondents were asked whether tenants are asking to extend their leases during the COVID-19 pandemic. While the majority indicate they have had tenants ask to extend their leases (60.9%), some others have had tenants ask to end their lease early (6.5%). About one-fifth (21.7%) said that they have not had tenants ask to extend their leases, and another 10.9% were not sure.
A note about this survey: This survey was sent to 4,292 Virginia REALTORS® members that have been involved in property management education or events through the Virginia REALTORS®. Given the small sample size, the statistics in this survey have a margin of error of +/- 10%.
Virginia REALTORS® will continue to monitor the economic and housing market impacts of COVID-19 in Virginia. Information about financial assistance available to individuals and businesses impacted by COVID-19, as well as resources on new property management-related regulations, is available on the Virginia REALTORS® website. Each Thursday afternoon at 4:00 p.m., we will host a Facebook Live on the impact of COVID-19 on the economy and the housing market. The 4th Thursday of each month will focus on property management issues. For more information, please contact Lisa Sturtevant at email@example.com.