Rental Property Owner Stress During the COVID-19 Pandemic: Results from a Minneapolis, MN Survey

Abstract

ABSTRACT The COVID-19 pandemic has placed a unique strain on the US housing system. Unprecedented job losses combined with a public health imperative to keep people housed pushed policymakers to issue a series of orders pausing residential evictions. These moratoria kept people in their homes but did little to address the underlying housing stresses. In this paper, we document the early impact of the pandemic on private rental housing owners with the results of a new survey. Between December 2020 and January 2021, we surveyed rental property owners in Minneapolis, Minnesota, asking general questions about their businesses and specific questions about how the pandemic has affected their ability to operate rental properties. In this paper, we present a descriptive analysis of the responses. Nearly half of the respondents to our survey reported that the pandemic affected their business in some way. In addition, we find associations between property owner stress and rents, portfolio size, property location, and owning physically-deficient properties. The results of our analysis will be useful for policymakers as they continue to confront the housing challenges brought on by the COVID-19 pandemic.