How the Rental Market Has Been Reshaped

COVID-19 brought many unexpected challenges, requiring us to distance ourselves from one another, and has led to wide sweeping changes in the rental industry.

From changing how we view rental units, to the distribution of available rentals and the changes in prices for houses and rental units, we've seen the rental market flipped on its head since March 2020.

Viewing An Apartment

Viewing an apartment has never been easier than it is today, with numerous options available at most apartments. The most prominent change has come in the form of virtual tours, allowing prospective renters to view an apartment from anywhere in the world with the click of a button. While COVID-19 has encouraged us to stay home, preventing a traditional apartment viewing, property managers have adapted by showing off units through a series of pictures and videos. When we are not in a lockdown situation, another option available is to view an apartment alone. Typically this involves setting up an appointment and being let into the apartment by the property manager, ensuring that no residents or other prospects are present at the same time. When the pandemic has passed, the value of virtual tours will remain prevalent, as they allow people from further distances to view and get a feel for an apartment, anywhere, anytime. 

Shift to Smaller Markets

One change that was noticed fairly quickly in 2020 was a large shift away from big cities, as people moved away from more densely-populated areas or cities with higher rents. COVID-19 has permanently changed how many businesses will operate, as the ability and benefits of working from home have been highlighted in a major way. The effects of this are likely permanent, allowing the changes people made to their living situations during the pandemic to remain permanent as we move beyond it.