2023 set a record for Americans ditching cable TV and going streaming only. But why are many still paying for cable TV? The truth is many cable TV customers cannot cancel and are locked in by their apartment rental or homeowners’ association (HOA) contract.
Over the last 10 years, many companies have made deals with apartment owners and HOAs to keep cable TV customers. These deals force everyone renting or owning space to pay for cable TV and Internet as part of the rental contract or HOA fees. This has resulted in millions of Americans being locked into cable TV packages they may not want.
According to iProperty Management, there are 355,000 HOAs in the United States, which represent about 40 million housing units. Even if one quarter of them have a partnership with a cable TV company, that would result in 10 million cable TV customers.
There are also millions of apartment units in the United States with an ever-growing number of them bundling Internet and TV into the rent. This adds millions of cable TV subscribers to companies like Spectrum and Comcast.
With only about 50 million subscribers still paying for cable TV, you can see how even 15 million HOA and apartment complex customers can help save what is a struggling business model.
Unfortunately, if you rent or own a condo, you may have no choice—cable TV and Internet are part of the contract or fees. This helps explain a recent trend of cable TV quiet quitters who still pay for cable TV but don’t use it. Some likely are paying because it’s bundled into their rent or HOA fees.
Hopefully, someday everyone will be able to choose and pay for only the services they want no matter where they live. Sadly, for those living in these apartments or HOAs they have no choice but to keep paying or move from places they may love.
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