Survey Reveals Significant Hardships Facing Small Single-Family Rental Homeowners
Raises Concerns about Future Supply
Survey data released by the National Rental Home Council (NRHC) show small rental home property owners continue to experience significant hardship because of the COVID health crisis and related government response measures.
In particular, fully one-third of individual single-family rental homeowners indicated that they had sold or planned to sell one or more of their properties, an increase of 10-percentage points from an earlier version of the survey conducted in February. Additionally, 25% of rental homeowners who sold at least one property claimed to do so as a direct result of government-mandated eviction moratoria.
Key findings from the survey include:
- Over half (54%) of single-family rental homeowners have received less than full rent (59% African American owners; 63% Hispanic owners).
- Over 60% of single-family rental homeowners say that missing rent has had a negative impact on their ability to pay ongoing property and maintenance bills – an increase from the prior survey conducted in February.
- 56% of single-family rental homeowners have created a payment plan for residents and 37% have proactively forgiven some amount of rent.
- 2/3 of owners who have sold properties charged rent of less than $1,250/month.
- The eviction moratorium likely reduced affordable housing options: 59% of single-family rental homeowners agree that government-mandated eviction moratoria have negatively impacted their current ability to provide affordable housing options now, and 63% think they will continue to negatively impact their ability to do so in the future.
- Eviction moratoria likely decreased the total supply of single-family rental homes: 79% of property owners who have sold at least one single-family rental home have sold to an owner who will not use the property for rental housing.
- One quarter of single-family rental homeowners plan to tighten application standards as a result of moratoria and other government mandates.
“The results of this survey are startling and show there is a very real issue with the ongoing supply of rental housing in this country,” said David Howard, executive director of NRHC. “Single-family homes account for over half the rental housing in the United States, with nearly 85% of properties owned by individuals and small proprietors. If one-third of those owners have sold or are considering selling – particularly at a time when demand for single-family rental housing is increasing – we have a serious challenge in front of us.”
“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 an important role in meeting the demands of a vibrant and diverse population of housing consumers. With housing, more choices are better; and single-family rental homes provide an option that meets the financial and lifestyle needs of many Americans in search of quality, affordable, well-located housing.”
About NRHC
The National Rental Home Council (NRHC) is the nonprofit trade association representing the single-family rental home industry. NRHC members provide families and individuals with access to high-quality, single-family rental homes that contribute to the vitality and vibrancy of neighborhoods and communities. For more information on NRHC or the single-family rental home industry visit www.rentalhomecouncil.org
