How COVID-19 is Impacting the Rental Market - April 23rd, 2020

Krista Reuther | August 15, 2024 | 8 min read

The TurboTenant Rental Trends report has expanded to include analysis for the last four weeks, ending on April 19th. We continue to compare four key data points. The goal is to get a better understanding of how the coronavirus outbreak continues to impact various rental markets across the U.S.

Data

The TurboTenant Rental Trends report includes four key rental market indicators. Our first data set is total active listings. This analysis looks at the change in the total number of active listings in each location on a week over week basis beginning the week of March 16th and ending on Sunday April 19th. The next data set we looked at is the total number of new listings for the first week of March, before most cities were on lock down, compared to the total number of listings for the week ending April 19th. In a pre-coronavirus world historically these numbers have increased as we enter the peak rental season starting in April. Our third data point is total renter leads. Here we analyze the change in the number of renter leads each location reported. Our final data point is the average number of renter leads each property receives. Again, we analyze the reported change on a week over week basis.

Below, we break down the trends reported for 19 major cities across the country.

Rental Markets

Atlanta Baltimore Boston Brooklyn Chicago Cleveland Denver Houston Jersey City Los Angeles Miami Milwaukee New York Omaha Philadelphia San Diego San Francisco Seattle Tampa

Atlanta

Data Highlights:

Active Listings: Atlanta’s active listings are on the rise posting a 14% increase week over week.
New Listings: Last week gains were up 11%, this week another 11% gain was reported.
Renter Leads: Atlanta has been up and down this week ended with nearly a 50% loss in the number of leads.
Average Renter Leads Per Property: After a steep decline the first week, leads per property was inching back up, but ended this week at just two.

Baltimore

Data Highlights:

Active Listings: Baltimore listing saw a nice gain of nearly 8% last week, but ended the week of the 13th with a 16% decline.
New Listings: 68% net loss for this reporting period through April 19th.
Renter Leads: Leads took a sharp decline this week with a 56% loss.
Average Renter Leads Per Property: This number was cut in half, going from eight to four week over week.

Boston

Data Highlights:

Active Listings: Boston’s active listings stayed steady week over week.
New Listings: A great gain this week at 160% increase since the beginning of March.
Renter Leads: A slight decrease of 9% week over week.
Average Renter Leads Per Property: The average has held steady at three per property for the last four weeks.

Brooklyn

Data Highlights:

Active Listings: Brooklyn saw a 10% decrease last week in the number of active listings.
New Listings: A 26% net loss reported last week since the beginning of March.
Renter Leads: For the second week in a row a nearly 38% decrease in leads was reported.
Average Renter Leads: Consistent with other losses, average leads per property is down from nine to six.

Chicago

Data Highlights:

Active Listings: Chicago listing had a 9% decrease this week.
New Listings: 55% net loss in new listings since the beginning of March.
Renter Leads: Renter leads continue to be hit hard this week with a 37% decrease.
Average Renter Leads: The average held steady this week at two leads per property.

Cleveland

Data Highlights:

Active Listings: Cleveland had a nice up tick this week with a 10% increase in active listings.
New Listings: There is an 80% increase in new listings.
Renter Leads: Cleveland has a great jump this week with nearly a 110% increase in renter leads.
Average Renter Leads: Trending in line with other metrics, the average number of leads per property is 11, almost doubling from last week.

Denver

Data Highlights:

Active Listings: Denver saw a great increase of 25% in active listings this week.
New Listings: Denver experienced a -51% net loss in new listings since the beginning of March.
Renter Leads: Denver saw nearly a 9% increase in lead growth last week.
Average Renter Leads Per Property: Leads in Denver have stayed the same throughout the month sitting at three per property.

Houston

Data Highlights:

Active Listings: Houston active listings took a small hit of around 5% last week.
New Listings: A 33% net lost since the beginning of March.
Renter Leads: Houston’s leads are down 44% for the week ending April 19th.
Average Renter Leads Per Property: Houston’s leads per property was cut in half this week, going from six to three.

Jersey City

Data Highlights:

Active Listings: Jersey City active listings took an 18% decrease last week.
New Listings: 89% net loss in new listings since the beginning of March.
Renter Leads: Renter leads were down again at 14%.
Average Renter Leads Per Property: Average leads per property held steady at five this week.

Los Angeles

Data Highlights:

Active Listings: Los Angeles had nearly an 11% increase in active listings this week.
New Listings: A net loss of 29% in new listings since the beginning of March.
Renter Leads: Leads grew 29% last week.
Average Renter Leads Per Property: The average number of leads per listing ticked up one, ending the week at five.

Miami

Data Highlights:

Active Listings: Miami posted another loss this week of nearly 12%.
New Listings: Miami saw a nice jump of 77% in new listings since the beginning of March.
Renter Leads: Leads growth was still down at 35% for the week ending April 19th.
Average Renter Leads Per Property: Miami’s average leads per property took another point off this week, ending at just three.

Milwaukee

Data Highlights:

Active Listings: Milwaukee held steady for the week ending April 19th.
New Listings: 11% net gain for this reporting period.
Renter Leads: Lead growth took another hit of nearly 17% this reporting period.
Average Renter Leads Per Property: Milwaukee started with a strong amount of average leads at 44 and is now at 23 for this reporting period.

New York

Data Highlights:

Active Listings: New York decreased again this week posting a 23% loss.
New Listings: 69% net loss for this reporting period.
Renter Leads: New York saw another decrease in leads this week at 20%, not as much as the previous week which posted nearly a 40% loss.
Average Renter Leads Per Property: New York’s average leads have stayed consistent and is currently at one.

Omaha

Data Highlights:

Active Listings: Omaha is still in the black for active listings posting another increase of nearly 10%.
New Listings: -25% net loss for this reporting period.
Renter Leads: Omaha started positive at 27.08% and decreased throughout the month, recovered a bit, but took another hit last week of nearly 30%.
Average Renter Leads Per Property: Omaha started the month strong with 13 leads and has decreased and is sitting at five leads per property.

Philadelphia

Data Highlights:

Active Listings: Philadelphia posted a 6% increase in active listings last week.
New Listings: 38% net loss for this reporting period.
Renter Leads: Philadelphia have been trending down the last couple of weeks with a 41% decrease posted last week.
Average Renter Leads Per Property: Philadelphia’s leads per property were almost cut in half ending last week at eight.

San Diego

Data Highlights:

Active Listings: San Diego active listings saw a slight decrease of 2%.
New Listings: 11% net loss in listings since the beginning of March.
Renter Leads: San Diego renter leads took nearly a 40% hit last week.
Average Renter Leads Per Property: San Diego’s leads slowly decreased during March and April and currently sit at three per property.

San Francisco

Data Highlights:

Active Listings: San Francisco listings took a 19% hit last week.
New Listings: 20% net loss for this reporting period.
Renter Leads: San Francisco saw a nice jump last week, but took a 13% hit last week.
Average Renter Leads Per Property: The average number of leads per property tick up one last week, ending at three.

Seattle

Data Highlights:

Active Listings: Seattle has seen a couple of nice up ticks in the last weeks with a 13% increase last week.
New Listings: 13% net loss for this reporting period.
Renter Leads: Seattle posted another increase in leads this week, ending up 5%.
Average Renter Leads Per Property: Seattle’s lead average has held steady at five for the last two weeks.

Tampa

Data Highlights:

Active Listings: Tampa’s listings were down a bit at 4% last week.
New Listings: 33% net loss for this reporting period.
Renter Leads: Tampa took a big hit in lead growth with nearly a 60% decrease.
Average Renter Leads Per Property: Tampa’s leads have steadily declined, ending last week at three per property.

You can view all data visualizations here. If you have data requirements that are outside the scope of this article, please email [email protected]. We have a plethora of data and are happy to supply another data set if it is available.