Form 1 Content

2024 RHFS COGNITIVE TESTING

QUESTIONNAIRE ITEMS

Sample Address: 123 Main St, Any Town CA 12345

Item

Text

Background/Concerns/Probes

WELCOME

Welcome to the 2023 Rental Housing Finance Survey (RHFS)

The purpose of the RHFS is to learn about the financial health of rental properties. We have randomly selected the address listed above to be included in the 2023 RHFS. Due to the scientifically random selection process, we only know that the address listed above is a rental property or is part of a rental property.

1

Is the property at 123 Main St Any Town CA 12345 a rental property?

Include properties that are rented or vacant but available for rent.

1 Yes

2 No – goto Thank_you

• This inquiry question is asked to evaluate the appropriateness of this property for the RHFS survey. NOTE: replace 123 Main St Any Town CA 12345 with the sample address.

1a1

Is this rental property owned by the military or owned and operated by a separate entity on behalf of the military?

1 Yes – goto DP_1

2 No

• New item.

• Background: Item is intended to determine if the rental property is provided by the military. This does not include group quarters, i.e., barracks. If military, then property will get an abbreviated interview.

1b

Is this rental property part of a manufactured housing community (manufactured/mobile homes)?

1 Yes

2 No – goto 1c

• Bridge to New Item

1b1

Does the monthly rent include the lot only, the manufactured home only, or both the lot and manufactured home?

Lot rent may include water, sewer, or other expenses.

1 Lot only – goto DP_1

2 Manufactured home only – goto DP_1

3 Both lot and manufactured home – goto DP_1

1c

Is 123 Main St Any Town CA 12345 part of an apartment complex?

1 Yes

2 No - goto item DP_1

1f

Please provide the apartment complex name and the main complex address, telephone number, and website.

Complex Name:

Street Address:

City:

State:

Zip:

Phone:

Web Address:

DP_1

The following series of questions is designed to help define the rental property that INCLUDES {123 Main St Any Town CA 12345}.

For the purposes of this survey, please define the rental property as:

The building at 123 Main St Any Town CA 12345 and any other buildings under the same first mortgage

Or

The building at 123 Main St Any Town CA 12345 and any other buildings that are collectively owned as a single entity.

Thinking about these definitions…

Which of the following best describes your rental property? (Read responses until a Yes response is received.)

1. The rental property is composed of a single residential building located at 123 Main St Any Town CA 12345

2. The rental property is composed of multiple residential buildings that are all located at 123 Main St Any Town CA 12345

3. The rental property is composed of multiple residential buildings at multiple addresses that includes the building(s) at 123 Main St Any Town CA 12345.

4. Other

• This is the lead-in question to the “Describing the Property” section where we collect the total number of buildings, units, and addresses for the ENTIRE PROPERTY that includes the sample address. It is critical that we get accurate total buildings and total units on the ENTIRE property.

DP_4

Thinking about the ENTIRE rental property, how many residential buildings are at the rental property associated with 123 Main St Any Town CA 12345?

Total Buildings ______

• Often times, the respondent doesn’t understand that we are asking about the ENTIRE PROPERTY versus the sample address and provides the number of buildings and units for the sampled address only. It is critical that we get accurate total buildings and total units for the ENTIRE property.

DP_7

Thinking about the ENTIRE rental property, how many residential units are at the rental property associated with 123 Main St Any Town CA 12345?

Total Units _______

4c

What do you believe is the current market value of this rental property?

Current Market Value

$ __ __ __, __ __ __, __ __ __, __ __ __.00

• Item is included to bridge to the new item 4e.

4d

Which of the following best reflects how you determined your estimate of the current market value?

1 Local tax assessment of this property

2 Recent real estate appraisal – goto 6RENT_1

3 Insurance replacement cost

4 Original purchase price plus inflation

5 Original purchase price plus improvements and inflation

6 Selling or asking price of similar properties in area

7 Capitalization of current rental revenues

8 Other

• Bridge to new item 4e.

4e

Did you receive an appraisal waiver when you purchased this property?

1 Yes

2 No

• New item.

• Inquiry to find out if there was a requirement for an appraisal in order to complete the purchase of the property.

6RENT_1

How do you receive the rental payments? (Read response options.) Select all that apply

1 Cash

2 Check

3 Direct Deposit

4 Credit Card

5 Online Payment

6 Other- specify _______

ESMD: If respondent reported 1 UNIT is DP_7, goto 6a, else goto 6b.

• New item to determine rental payment types.

6a

Thinking about the typical lease length for this home, would you describe it as:

1 Long term (6 months or longer) – goto 6e

2 Short term (2 – 6 months)

3 Weekly

• Single units only; DP_7 = 1 unit.

6a1

In the last 12 months, was this rental unit previously available as a long-term (6-12 month) rental?

1 Yes

2 No

• New item.

• Single units only; DP_7 = 1 unit.

6b

When you have vacancies, are any of your units made available as daily or weekly rentals?

1 Yes

2 No – goto 6e

• Line of inquiry to find out if the respondent offers daily and/or weekly rentals. Lead in for new item 6d.

• Multifamily only; DP_7 get 2 units.

6c

How many of your units are made available as daily or weekly rentals?

Units _____

• Line of inquiry to find out how many units are currently being offered as short-term rentals such as Airbnb.

6d

In the last 12 months, how many of these {read number of units from 6c} units were previously available as long-term rentals?

Units ______

• New line of inquiry to find out how many long-term rentals have been converted to short- term rentals.

6e

What is the current amount of the rental application fee?

Application Fee $ __, __ __ __.00

Fee waived

• New line of inquiry to find out what respondents are charging in general for application fees.

6f

When tenant(s) sign a lease, is the required security deposit equivalent to, less than, or greater than 1 month’s rent?

1. 1 month’s rent

2. Less than 1 month’s rent

3. Greater than 1 month’s rent

4. No security Deposit

• New item to determine security deposit amounts.

• Awaiting final wording guidance from HUD.

11a

Are the following utilities included or excluded in the rent?

Report for the MAJORITY of the buildings if the rental property contains several buildings with a mix of responses.

Report “Not included in rent” if the utility is billed to the renter but not included in the rent previously reported.

	Included	Not included
Electricity
Gas/Fuel oil
Water
Sewer
Trash

• This inquiry is to capture information about other utilities and/or services that may be included in the cost of rent.

• This table was modified to include Trash.

18

How would you best describe the current ownership entity?

1. Individual investor, including joint ownership by two or more individuals, such as a married couple

2. Trustee for estate

3. LLP, LP, or LLC

4. Tenant in common

5. General partnership

6. Real Estate Investment Trust (REIT)

7. Real estate corporation

8. Housing cooperative organization or stock cooperative

9. Nonprofit organization (including religious institution, labor union, or fraternal organization)

10. Other kind of institution

• Item included as a bridge to new items.

18a

Does the {read the response type from item 18} own other properties?

1 Yes

2 No – goto 22

• New item to determine if additional properties are owned outside of those included in this sample address.

18b

How many units does the {read the response type from item 18} own in other properties?

Units _________

• New line of inquiry.

22

Does this rental property benefit from any of the following FEDERAL Programs?

	Yes	No	Don’t Know
A federal government sponsored, below-market interest rate loan GOVBELOW
A federal government rental subsidy OTHER than Section 8 payments to project or tenants RSUBSIDY
Housing for the elderly direct loan program ELDERLY
A government grant (HOME, CDBG, HOPE VI, SLFRF) GOVGRANT
Other federal benefit BENEFOTH

• Existing item but SLFRF was added to the A government grant row.

24a

Is there a mortgage or similar debt on this rental property? Include mortgages that are backed by bond financing.

1 Yes

2 No – goto Thank_you

28a_1

Is the first debt on this rental property an energy-efficiency mortgage (EEM)?

1 Yes

2 No

• New item to gather data about loans designed specifically to benefit homes that are more energy efficient in hopes to encourage builders and consumers to favor environmentally friendly products.

Thank you

Thank you for participating in the Rental Housing Finance Survey. We appreciate your time.