Matthew Speakman on what’s driving homebuyer demand

Zillow Economist Speakman explains what Zillow’s recent report on homebuyer demand tell us about the current state of the housing market.

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CoronavirusReal Estate

Renters say they are less likely to renew lease after pandemic

Closed fitness centers, clubhouses, pools and offices contributed

Homeowners isolated because of the coronavirus pandemic are seeking more space away from the city, and renters are feeling the same way.

And despite stimulus checks, the paycheck protection program and other government resources, nearly 61% of households in the U.S. remain vulnerable, according to housing market research from Amherst.

Only 34.1% of renters said their management company has offered a payment plan for May’s rent, while a whopping 65.5% said they are unaware of any local, state or federal programs to help with rental assistance, a survey from SatisFacts said.

Based on current experience in their dwelling, 26.1% of renters surveyed with leases expiring in the next six months said they are likely to renew their lease, 35.9% are likely not to renew and 38% are somewhat likely or not sure at the moment.

On top of that, renters who pay more than $1,750 a month are the least likely to renew, the study found. Just 18.7% of those renters say they are very likely to renew, while 41.6% said they are not likely to renew.

During the month of April, 38.2% of residents experienced at least a 50% decrease in income. Of those renters, 16.7% said the decrease was by 100%. Those aged 18 to 24 had the highest likelihood of a 100% cut in income, at 24%. Meanwhile, those aged 65 and older were least likely to experience a change in income, at 68.8%.

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3d rendering of a row of luxury townhouses along a street

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