Survey Reveals Significant Hardships Facing Small Single-Family Rental Homeowners
The National Rental Home Council (NRHC) announced today that small property owners continue to experience significant hardship because of the COVID health crisis and related government response measures.
The survey conducted in February showed that half of single-family rental owners indicated they had sold or planned to sell either of their properties, an increase of 10 percentage points from an earlier version. The majority of rental homes who sold at least one property claimed to do so in direct line with government-mandated eviction moratoria.
The survey found the key findings: a survey of the survey, namely:
- Over half (54%) of single-family rental owners have received less than full rent (59% African American owners; 63% Hispanic owners).
- Over 60% of single-family rental homeowners say missing rent has negatively affected their ability to pay ongoing property and maintenance bills.
- 56% of single-family rental homeowners have created a payment plan for residents and 37% have proactively forgiven some rent.
- Two-thirds of owners who sell properties charged rent of less than $1,250/month.
- 59% of single-family rental homes agree that government-mandated eviction moratorium has negatively impacted their current ability to provide affordable housing options now, and 63% think they will continue to negatively impact their ability in the future.
- 79% of property owners who have sold at least one single-family rental home sold to an owner who won't use the property for rental housing.
- One quarter of single-family rental homeowners plan to tighten requirements due to other government mandates and moratoria.
"The results of this survey are startling and show that the supply of rental housing in this country is extremely real," said David Howard, executive director of NRHC. Single-family homes account for half of the rental housing in the United States, with nearly 85% of small-owners owned by individuals and small proprietors. If one-third of those owners have sold or are considering selling especially in the new age of single-family rental housing demand - we have a huge challenge.
"We need policy solutions to encourage and incentivize the accelerated development and ownership of both owner-occupied and rental housing. Single-family rental home providers, large and small, play a crucial role in the satisfaction of ten million-dollar housing consumers. With housing, more choices are better; single-family rental homes offer a choice that meets the financial and lifestyle needs of many Americans in search of quality, affordable, well-located housing.
About NRHC, about n>. The National Rental Home Council is a nonprofit association representing the single-family rental home industry. The members of the NRHC provide families and individuals with the access to affordable single-family rentals that can boost neighborhoods and communities' lives. For more information about NRHC or the single-family rental home industry, visit www.rentalhomecouncil.org.
David Howard, [email protected] Contact: [doing] Howard.
National Rental Home Council of SOURCE National Council on Rentals (NCH) SURCE.