Over the past several years a growing U.S. economy gave way to a strong rental market, with property owners receiving more rental applications from low risk applicants. That is prospective tenants who were more likely to be able to meet their monthly rent payments on time. These low risk applicants had higher incomes, lower rent-to-income ratios, and better credit histories.
But as the country stays at home to slow the spread of COVID-19, the rental market is experiencing a significant slow-down and a potential reversal of the gains made in the past several years. With unemployment rising faster than any other time in recent history and the inability for rental property owners to evict, what will be the impact to the rental market?