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 2, 2022
Nonresidential construction spending falls 0.5% in June, says ABC
National nonresidential construction spending was down by 0.5% in June, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.
Market Data | Jul 28, 2022
The latest Beck Group report sees earlier project collaboration as one way out of the inflation/supply chain malaise
In the first six months of 2022, quarter-to-quarter inflation for construction materials showed signs of easing, but only slightly.
Hotel Facilities | Jul 28, 2022
As travel returns, U.S. hotel construction pipeline growth follows
According to the recently released United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. construction pipeline stands at 5,220 projects/621,268 rooms at the close of 2022’s second quarter, up 9% Year-Over-Year (YOY) by projects and 4% YOY by rooms.
Codes and Standards | Jul 22, 2022
Hurricane-resistant construction may be greatly undervalued
New research led by an MIT graduate student at the school’s Concrete Sustainability Hub suggests that the value of buildings constructed to resist wind damage in hurricanes may be significantly underestimated.
Market Data | Jul 21, 2022
Architecture Billings Index continues to stabilize but remains healthy
Architecture firms reported increasing demand for design services in June, according to a new report today from The American Institute of Architects (AIA).
Market Data | Jul 21, 2022
Despite deteriorating economic conditions, nonresidential construction spending projected to increase through 2023
Construction spending on buildings is projected to increase just over nine percent this year and another six percent in 2023, according to a new report from the American Institute of Architects (AIA).
Building Team | Jul 18, 2022
Understanding the growing design-build market
FMI’s new analysis of the design-build market forecast for the next fives years shows that this delivery method will continue to grow, despite challenges from the COVID-19 pandemic.
Market Data | Jul 1, 2022
Nonresidential construction spending slightly dips in May, says ABC
National nonresidential construction spending was down by 0.6% in May, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.
Market Data | Jun 30, 2022
Yardi Matrix releases new national rent growth forecast
Rents in most American cities continue to rise slightly each month, but are not duplicating the rapid escalation rates exhibited in 2021.
Market Data | Jun 22, 2022
Architecture Billings Index slows but remains strong
Architecture firms reported increasing demand for design services in May, according to a new report today from The American Institute of Architects (AIA).
