Late spring and early summer mark an important milestone for young adults. Across the country, millions of young men and women are graduating from colleges and universities. They’ve attained years of academic experience that represent a significant portion of their lives. Although they will graduate with degrees in hand, many of these emerging consumers will enter the working world with limited to no rental or credit history. The challenges for this year’s graduates are even more significant, compounded by the global pandemic and skyrocketing unemployment. With uncertainty looming in the real estate and rental market as well due to COVID-19, it is clear a creative solution is needed for the benefit of both property owners and potential tenants to bolster the residential property rental market.
Current State of Residential Property Rental Market
There has been a lot of speculation about the near-term impact COVID-19 will have on the real estate market; however, one thing does seem to be agreed upon: There is a high probability that the market will take a dip in home sales and valuations due to the pandemic. Likewise, the residential property rental market may also see a steep downturn. Experts are even predicting the rental market will be hit with a landslide of evictions. For graduates moving around the country for new jobs, this adds an additional barrier they must overcome along with an already uncertain job market.