Landlords are switching to year-long leases, as renters find themselves in a favorable market as a result of the coronavirus pandemic.

Across the country, renters are staying put and renewing leases despite the enticement of a trend decreased prices in apartments. According to a report by MRI Software, apartment rental prices have fallen by five percent in May 2020, compared to the same time last year. Apartment rental pricing is also seven percent lower in May 2020 compared to February 2020.

Brian Zrimsek, industry principal at MRI Software, said that the lower percentages of rent applications was indicative of behavior during recessions, as people tend to stay put in times of uncertainty. But the increased use of credit cards to pay rent may signal a reaction to more landlords using electronic payments and waiving credit card fees, or it could signal a larger issue. Using credit cards to pay rent could be a riskier move if the reason for using credit was due to decreased cash flow.