How COVID-19 is Impacting the Rental Market - April 29th, 2020

The TurboTenant Rental Trends report continues to expand to include analysis for the last four weeks, ending on April 26th. We 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, we will continue our analysis through the end of April and May as cities and counties across the country begin to open.

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 23rd and ending on Sunday April 26th. 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 26th. 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.

Atlanta

Data Highlights:

• Active Listings: Atlanta’s active listings are on the rise reporting nearly a 35% increase this week.
• New Listings: This is the first time in nearly two weeks a loss was reported in new listings clocking in with a 17% decrease since the beginning of March.
• Renter Leads: Atlanta renter leads saw a great increase this reporting period with nearly a 50% increase.
• Average Renter Leads Per Property: Average renter leads per property head steady this week at two.

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 Baltimore

Data Highlights:

• Active Listings: Baltimore continues on a downward trend with nearly a 40% decrease this reporting period.
• New Listings: A 58% net loss was reported this week, up a bit from the 68% net loss reported the previous week.
• Renter Leads: Leads had a nice increase of 26% this week.
• Average Renter Leads Per Property: In line with the increase in total leads, the average nearly doubled, ending the week at eight per property.

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 Boston

Data Highlights:

• Active Listings: Boston’s active listings had a nice gain of just over 30% for the week.
• New Listings: Another great gain this week at 180% increase, beating last week’s 160% gain since the beginning of March.
• Renter Leads: Great gains in renter leads as well, posting nearly a 50% gain week over week.
• Average Renter Leads Per Property: The average has held steady at three per property for the last four weeks.

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Brooklyn

Data Highlights:

• Active Listings: Brooklyn saw a 16% increase this week in active listings.
• New Listings: New listings are still down since the beginning of March with a 67% loss reported since the beginning of March.
• Renter Leads: Renters are getting out there, a 90% increase in lead growth was reported week over week.
• Average Renter Leads: Consistent with leads gains, the average shot up two points this week ending at 10 on average.

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Chicago

Data Highlights:

• Active Listings: Chicago saw nearly a 40% increase week over week.
• New Listings: 51% net loss in new listings since the beginning of March.
• Renter Leads: Renter leads had great gains this week with a 130% increase reported.
• Average Renter Leads: The average ticked up one ending the week at three on average per property.

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 Cleveland

Data Highlights:

• Active Listings: Cleveland had another nice uptick this week at 6%.
• New Listings: There is a 20% increase in listings reported since the beginning of March.
• Renter Leads: After a 110% increase reported the previous week, another great gain at 30% was clocked this week.
• Average Renter Leads: Another uptick this week in the average ending the reporting period at 13 leads per property.

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 Denver

Data Highlights:

• Active Listings: Denver has reported increases for the last two weeks, this week comes in at 32% week over week.
• New Listings: New listings are still down since pre-COVID-19 days posting an 88% loss this week since the beginning of March.
• Renter Leads: Denver saw another great increase this week with nearly a 50% increase in leads.
• Average Renter Leads Per Property:  Leads in Denver have stayed the same for the last four weeks, sitting at three per property.

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 Houston

Data Highlights:

• Active Listings: Houston active listings held steady this week.
• New Listings: A 33% net lost since the beginning of March.
• Renter Leads: Houston’s leads are down 88% for the week ending April 26th.
• Average Renter Leads Per Property: Houston’s leads per property nearly doubled this week shooting back up to six.

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Jersey City

Data Highlights:

• Active Listings: Jersey City active listings saw an 8% increase this week.
• New Listings: After a couple weeks of losses, Jersey City posted a 32% increase in new listings since the beginning of March.
• Renter Leads: Renter leads had a nice gain of 22% week over week.
• Average Renter Leads Per Property:  Average leads per property held steady at five again this week.

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Los Angeles

Data Highlights:

• Active Listings: Los Angeles had nearly an 11% the previous week, and reporting another gain of nearly 8% this week.
• New Listings: A net loss of 18% in new listings since the beginning of March.
• Renter Leads: Leads grew 28% last week, posting double digit increases for the second week.
• Average Renter Leads Per Property:  The average number of leads per listing ticked up one, ending the week at six.

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 Miami

Data Highlights:

• Active Listings: Miami posted it’s first gain in four weeks at 36%.
• New Listings: A 44% increase in new listings since the beginning of March was reported.
• Renter Leads: Another great gain in the lead category, with nearly a 200% increase week over week.
• Average Renter Leads Per Property:  Miami’s average leads per property doubled this week, ending at six per property.

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 Milwaukee

Data Highlights:

• Active Listings: Milwaukee held steady for the second week in a row.
• New Listings: New listings are sitting right where they were at the beginning of March.
• Renter Leads: After two weeks of losses reported, a stellar increase of nearly 100% was reported week over week.
• Average Renter Leads Per Property:  Milwaukee has recovered nicely in the average leads per property section nearly doubling and ending the week at 46.

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 New York

Data Highlights:

• Active Listings: After two weeks of losses reported, this week came in strong with nearly a 60% increase in the number of active listings.
• New Listings: A 71% loss in new listings since the beginning of March was reported.
• Renter Leads: After two weeks of losses reported for leads, they experienced some nice recovery reporting a 64% increase week over week.
• Average Renter Leads Per Property:  New York’s average leads have stayed consistent and is currently at one.

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 Omaha

Data Highlights:

• Active Listings: After two weeks of gains, Omaha posted a 15% loss in active listings this week.
• New Listings: 125% net gain for this reporting period.
• Renter Leads: Omaha was down again this week in leads, reporting nearly a 20% loss.
• Average Renter Leads Per Property: Omaha has seen steady declines in the average number of leads per property, but held at five to end the week.

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 Philadelphia

Data Highlights:

• Active Listings: Philadelphia posted a slight decrease of 2%.
• New Listings: 19% net loss for this reporting period.
• Renter Leads: Philadelphia saw a nice increase this week at 17%.
• Average Renter Leads Per Property:  Philadelphia’s leads per property ticked up two this week ending at 10.

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 San Diego

Data Highlights:

• Active Listings: San Diego active listings posted a nice increase of nearly 30% week over week.
• New Listings: 6% net gain in listings since the beginning of March.
• Renter Leads: San Diego renter leads saw a great gain this week of nearly 70%.
• Average Renter Leads Per Property:  San Diego’s leads slowly decreased during March and April and recovered by one this week, ending at four leads per property.

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 San Francisco

Data Highlights:

• Active Listings: San Francisco listings took a 19% hit  the previous reporting week, yet posted a great gain this week of nearly 30%.
• New Listings: 40% net loss for this reporting period.
• Renter Leads: San Francisco leads posted a gain this week as well of just over 7%.
• Average Renter Leads Per Property:  The average number of leads per property ticked down one last week, ending at two.

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Seattle

Data Highlights:

• Active Listings: Seattle has seen a couple of nice up ticks in the last weeks with a 31% increase last week.
• New Listings: 13% net gain for this reporting period.
• Renter Leads: Seattle posted another increase in leads this week, ending up nearly 130%.
• Average Renter Leads Per Property:  Seattle’s lead average was holding steady at five, yet nearly doubled this week ending at nine.

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 Tampa

Data Highlights:

• Active Listings: Tampa’s listings were down a bit the previous week, but posted a 12.5% increase this week.
• New Listings: 39% net loss for this reporting period.
• Renter Leads: Tampa has taken big hits in lead growth but came back strong this week with nearly a 140% increase reported.
• Average Renter Leads Per Property: Tampa’s leads were steadily declining, but nearly doubled this week ending at six per property.

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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.