Since the beginning of the pandemic, rents have only varied by a few dollars each month – contrary to what many experts initially feared. However, there are significant rent variations at the metro level, and given a lack of government stimulus and continuing layoffs, the fall and winter months will be telling, says the latest Yardi Matrix® National Multifamily Report.
“With the extreme uncertainty surrounding the country today, the multifamily industry has held up better so far than many predicted. Since the beginning of the pandemic, overall rents have only been up or down by a few dollars each month. Many initially feared that the decline would be much steeper than the $8 overall national rent decline we have seen since February,” states the report.
According to the National Multifamily Housing Council’s Rent Payment Tracker, 92.2% of apartment households made a full or partial rent payment by September 27—a 1.5 percentage point decline from September 2019 and a 0.1 percentage point increase from August 2020.
Rents decreased 0.3% in September on a year-over-year basis, continuing a trend since the onset of the pandemic: Metros with the highest rents have suffered the most, while less expensive metros have fared better than expected. San Jose (-6.6%) and San Francisco (-5.8%) led with the sharpest year-over-year declines yet again. Austin (-2.9%) moved up to tie with Boston (-2.9%) for third place in largest YoY declines.
Dive deeper into the full September National Multifamily Report.
Related Stories
Market Data | Aug 12, 2021
Steep rise in producer prices for construction materials and services continues in July.
The producer price index for new nonresidential construction rose 4.4% over the past 12 months.
Market Data | Aug 6, 2021
Construction industry adds 11,000 jobs in July
Nonresidential sector trails overall recovery.
Market Data | Aug 2, 2021
Nonresidential construction spending falls again in June
The fall was driven by a big drop in funding for highway and street construction and other public work.
Market Data | Jul 29, 2021
Outlook for construction spending improves with the upturn in the economy
The strongest design sector performers for the remainder of this year are expected to be health care facilities.
Market Data | Jul 29, 2021
Construction employment lags or matches pre-pandemic level in 101 metro areas despite housing boom
Eighty metro areas had lower construction employment in June 2021 than February 2020.
Market Data | Jul 28, 2021
Marriott has the largest construction pipeline of U.S. franchise companies in Q2‘21
472 new hotels with 59,034 rooms opened across the United States during the first half of 2021.
Market Data | Jul 27, 2021
New York leads the U.S. hotel construction pipeline at the close of Q2‘21
Many hotel owners, developers, and management groups have used the operational downtime, caused by COVID-19’s impact on operating performance, as an opportunity to upgrade and renovate their hotels and/or redefine their hotels with a brand conversion.
Market Data | Jul 26, 2021
U.S. construction pipeline continues along the road to recovery
During the first and second quarters of 2021, the U.S. opened 472 new hotels with 59,034 rooms.
Market Data | Jul 21, 2021
Architecture Billings Index robust growth continues
AIA’s Architecture Billings Index (ABI) score for June remained at an elevated level of 57.1.
Market Data | Jul 20, 2021
Multifamily proposal activity maintains sizzling pace in Q2
Condos hit record high as all multifamily properties benefit from recovery.
