Renter Survey Highlights Move-in Challenges
- Jul 01, 2019
Paying the rent weighs heavily on the minds of today’s apartment residents—more so even than stresses over jobs and relationships, according to a new survey by fintech startup Jetty. Nearly two-thirds (64 percent) of the 667 renters queried nationwide said they worry they won’t be able to make rent payments at some point in the lease cycle.
The findings jibe with other studies, such as a recent report by Berkadia, which indicate a widespread housing affordability gap in major urban centers and beyond. When asked what gives them the most stress, 21 percent of respondents to Jetty’s survey named keeping up with the monthly rent, versus 20 percent who named their jobs. Just 17 percent singled out either political issues or personal relationships as their main stress generator.
Survey respondents ranged across geographies and income brackets, with a plurality being in the $25,500 to $49,999 annual income range.
Addressing rental pain points
While the real estate sector has rolled out a number of innovative solutions to help Americans find affordable apartments, the survey suggests that some landlords and property managers could benefit from making the move-in process more accessible to residents. Forty-eight percent of respondents said they currently wouldn’t be able to pay a security deposit of one month’s rent, and 41 percent selected lower move-in costs as the one thing that would improve the renting process.
The survey also found that a significant percentage of renters plan to stay that way for the long haul. While 35 percent of respondents expect to buy a home in fewer than five years, 34 percent are looking at a five- to 10-year time frame for that milestone. Fully 16 percent of respondents anticipate they will never buy a home.
Jetty offers financial services aimed at facilitating the process of renting an apartment, including lease guaranty and renters insurance.