Survey: Renters Stick to Original Moving Plans amid Worsening Pandemic

The latest corona virus has put a grave burden on our societies, economies, and global trade. People are left stranded in foreign countries, schools have closed down, public gatherings are banned, and so much more. With a massive global lockdown in place, the Covid-19 is a pandemic that is yet to show its true potential. Recent statistics show a massive surge in covid-19 cases around the world with millions of people suffering from the disease.  

The pandemic has affected the lives of billions of people around the world. With lock downs in most countries, economies are taking a massive hit, costing millions of people the jobs and lowered income. Along these lines, people who were looking for new places were stranded too. However, according to a survey, renters stick to their original moving plans despite worsening conditions of covid-19. The survey conducted on how the renting in canada’ moving plan was affected by the pandemic included almost 7,000 participants. The survey was carried out during late march in 2020 to gain an insight on how the rental property business was affected by the latest corona virus. Here are a few questions and their responses:

 1.        Do you plan to pursue your moving plans during the latest corona virus pandemic?

In its response, more than half of the participants showed a positive sign and were willing to move as soon as they find an appropriate property. This notion demonstrates that despite stricter guidelines and social distancing guidelines during the pandemic, the demand for rental property has not changed and is still high. Around 17% of the participants confirmed that they are unwilling to move to a new place due to covid-19 restrictions and guidelines. Around 17% of the participants were neutral and did not have an answer. Almost 10% of the participants reported to have delayed their search for a new place.

 2.       Can you tell us the key factors for switching places during the pandemic?

This question was meant to determine if there are any underlying factors behind the choices made in question one. However, more than 40% of the participants responded that they had no concerns regarding the pandemic, while 24% were concerned if it was safe to move during the pandemic. Around 17% had to move as their leases expired, and almost 12% were effected due to poor financials.

 3.       If you are postponing your search for a new place, how long do you think you can postpone moving?

This question was aimed to derive responses from participants who have currently put their quest for a new place for rent on hold due to the pandemic. However, more than half of the participants responded that they are not postponing their plans to move, while 14% reported that they would extend their moving plans until the end of their lease. 16% of the participants responded that they would postpone moving until they feel safer, and 11% reported that they postponed their plans until the covid-19 pandemic is resolved.

 4.       Did you renting preferences change due to the latest corona virus pandemic?

This question was designed to obtain information about the change in demand for rental properties due to the pandemic. In its response, almost 50% of the participants reported that there had been no change in their rental budget due to the covid-19 pandemic. However, almost 30% of the participants were now looking for a cheaper dwelling. 15% of the participants were concerned about how the clean the rental is, whereas a mere 4% were looking to share rent with roommates.

 5.       Does the pandemic affect your shortlisting criteria and the apartment selection process?

This question was aiming to understand the underlying changes in consumer behavior and the ways people have adapted to the trending covid-19 restrictions. Almost 50% of the participants responded that there had been no change in their apartment selection process. Almost a quarter of the participants are now focused on making a decision based on online pictures and virtual tours, whereas almost 10% of the participants were interest in the shortest possible process to move into a new rental property. Only 8% of the participants responded that they lowered the number of properties they would visit before making a decision.