The big question on everyone’s lips (well, on our lips at least) is how did the rental market change due to coronavirus? At Roomi, we don’t focus on the entire rental market (full apartments, houses, condos, etc.) but on single rooms. We decided that the best way to figure out what the impact of coronavirus has been on real estate in the United States is by studying our own exclusive data.
So, we gathered some key Roomi facts from March 2020, and compared them to September 2020.
And guess what, guys? The outcome wasn’t as grim as so many predicted early on in the year! In fact, people are branching out and finding new roomis now more than ever! So, whether you’re renting in Los Angeles, Boston or NYC, you can count on Roomi to have fresh listings from people all across the states who are ready to become your next roommate.
How did the change in rental market impact Roomi?
Well, for starters, Roomi had 9600 new registered users in March, and 18,900 sign-ups in September. The short-term rental sector first blossomed following the last recession, with more people appreciating the value that a sharing economy could offer – especially in uncertain times when many are reluctant to take on a long-term lease or unable to buy their own property. So, there has certainly been a change in the rental market in this regard.
Coronavirus doesn’t seem to have negatively impacted the short-term market; in fact, it’s only spurred it on. When the pandemic first began taking over our lives, 9600 individuals signed up for a Roomi account. In fact, 18,900 people signed up to our platform in September when COVID-19 was in full swing.
Becoming more mainstream by the likes of Airbnb and Roomi, it seems that short-term rentals are here to stay. As more young people are changing the way they travel, work and live, they’re signing up to platforms such as ours to enjoy that flexibility they want – and need, especially in times like these. The long-term impact of coronavirus on real estate is still revealing itself.
There were 28,300 active listings on Roomi in March, compared to 88,900 in September.
Fewer people were travelling at the start of the pandemic because of the obvious risk factor. People were reluctant to move – and who could blame them?
However, it seems that as time has gone on, many of us have learned to live with the pandemic. Aside from those in high-risk groups, we’re noticing many people trying to live their lives as normally as possible. For many, that means having to share their homes with strangers, as living alone is unaffordable. So while there has been a noticeable change in the rental market, people have learnt to cope with it.
We saw a surge of new Roomi listings in September, compared to earlier on in the year. It’s likely that as many people move back in with their family, or partners, lots of rooms are opening up around the states, and landlords and leaseholders just can’t afford to keep them open while we wait for the end of COVID.
There were a total of 550,000 profile views in March, with 1,500,000 in September, and 17,400 unique users submitted a rental request in March, compared to 29,000 in September.
The good news is Americans are taking action to find their perfect room or roommate match. In February, before coronavirus hit, rent growth for single-family homes had hit its highest pace in four years. Just three months later, it was at its lowest growth rate in a decade. So, the impact of coronavirus on real estate has been massive. This slowdown in rent growth was most dramatic for higher-end rentals. As you can see, the demand for more expensive properties has clearly dropped. So, there has clearly been quite a bit of change in the rental market.
The demand for single room rentals, on the other hand, hasn’t been impacted in the same way. One million extra profile views were made in September compared to March, with rental requests jumping from 17,400 to 29,000 in that period.
D’you know what else Roomi does outside of helping its readers keep up with the change in the rental market? With our ever-increasing lists of rooms and roommates across the world, we help you find your perfect match! Download the app here and hop on the easiest ride home, ever!