Baltimore-based property management company, Bay Property Management Group, has recently published a study focused on the impact of Covid-19 on the rental market. As part of a project involving more than 4,000 homes in Baltimore, Philadelphia and the D.C. area, the team collected and analyzed data to gauge the impact of Covid-19. Having conducted extensive research, Bay Property Management Group put together an article, which highlights the primary findings and discusses how the pandemic will affect the market in the months and years ahead. —
In the article, the team explores the impact of new legislation and temporary measures, which were introduced earlier in 2020 to provide support for tenants, including eviction moratoriums, repayment agreements, temporary waivers of late fees and illegal lockout lawsuits.
Using data collected from over 4,000 households, members from the Bay Property Management Group found that rental delinquency rates had increased and residential evictions had decreased. New measures to halt evictions contributed to decreases between February and August in Baltimore and Washington D.C. In Philadelphia, rates have fluctuated throughout the year. Perhaps the most compelling statistic in the article is the rental delinquency rate. Across the three areas, the average rental delinquency rate increased by 32%, but in some parts, this figure rose to 190%.
The findings of the study indicate that many tenants have been adversely affected by the Covid-19 pandemic, which will be a concern for landlords and property investors thinking about purchasing buy-to-let properties.
Speaking about the study and the real estate and rental markets, president of the Bay Management Property Group’s Washington D.C. location, Nick Stone, said, “The Residential Property Management Industry is still thriving and will survive COVID. Many tenants are out of work and struggling to pay the rent. However, the current administration has done an excellent job allocating funding to rental relief programs, which is providing tenants the opportunities to get caught up and stay caught up on their rents.” Mr Stone added, “In my opinion, I believe we will see a long-term stabilization (or decrease) in rent rates, specifically in major metropolitan areas resulting from the COVID outbreak. We are seeing a large supply of available rental units in Washington, D.C. This is starting to drive prices down due to the increased supply and low demand.”
About Bay Property Management Group
Based in Baltimore, Bay Property Management Group was founded by Patrick Freeze. Initially managing single-family houses in Baltimore, the company has expanded rapidly over the last eight years. Now, the group manages more than 3,500 units located in Maryland, Pennsylvania and Washington D.C. With a team of 75 dedicated, professional members of staff, the business prides itself on putting customers first. The article is available to view at https://www.baymgmtgroup.com/blog/how-covid-19-has-affected-the-real-estate-rental-market/.
Anyone who wishes to find out more about Bay Property Management Group or the study into the effects of the Covid-19 pandemic on the rental market is encouraged to make use the contact details provided below:
Business name: Bay Property Management Group
Press contact name: Nichole Shahverdi
Press contact address: 1114 St Paul St Suite 1A, Baltimore, MD 21202
Press contact telephone number: (443) 708-4698
Press contact email: NShahverdi@baymgmtgroup.com
Name: Nichole Shahverdi
Email: Send Email
Organization: Bay Property Management Group
Address: 1114 St Paul St Suite 1A, Baltimore, MD 21202
Phone: (443) 708-4698
Release ID: 88987842