The wait is over! View the September 2023 Rentsync National Rental Demand Report.
Since our last update a lot has happened, including news that property management firms were officially deemed an essential industry by the Ontario government. This means they can remain open for business throughout the COVID-19 crisis.
In most cases, our data and research indicates that apartment demand hasn't disappeared; it now could just be a question of what multifamily asset class will perform the best and how to fulfill the demand – safely, given the situation.
On the supply side, our initial research indicates a possible shift within the short-term rental inventory, including Airbnbs joining the long-term rental market, which could flood and unbalance the market in favour of renters.
During a typical March, we would expect to see steady growth in total leads generated across our network of rental listing sites on Rentsync.
As expected, in the first week of March 2020, we saw a 19% gain in total leads versus the last week of February. Overall, lead volume in March is up 2.4% vs the same period in February.
So, despite COVID-19, there seems to be a stable number of incoming leads being generated. The bottom line: people still appear to be searching for their next place to rent during this time.
There are a few reasons why renters still might be actively looking online for apartments. Here are some possibilities to consider:
For prospective tenants who are serious about renting, the current social distancing and self-isolation measures allow them a considerable amount of time to research potential properties (maybe yours). This is an important detail for property owners and marketers to understand;
As a result of this situation, we've put together some recommendations for optimizing advertising and leasing agreements as tenants and prospects continue to look for places to live, in albeit, an increasingly digital environment.
Nurture leads because competition is fierce:
Improve your digital experience:
As the popular adage says, "When times are good you should advertise. When times are bad you must advertise." The multifamily sector appears to be in a position to bounce back from the downturn caused by COVID-19, meaning owners and operators should use this time to strengthen their marketing in order to be a viable option for the serious renter who is in need of a place to live in the upcoming months.
September, 14 2023
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