Multifamily Capital Markets Update (April 2021)

The 10-year Treasury Yield is holding around 1.60% to 1.75%. Debt capital is available from the agencies but with reserves. Agency business has seen competition from bridge debt providers thus reducing spreads as a result.

Below are key takeaways from the following reports:

Yardi Matrix Bulletin – April 2021 – Yardi Matrix Link

Download the PDF version of this report here:

Yardi Matrix Bulletin – April 2021

Yardi Matrix

  • Rents and Occupancies have been divergent between city and suburbs, gateway cities and southern growth states
  • Most suburban locations and southern growth states (such as Dallas and Atlanta) have recovered in both rents and occupancy from pre-pandemic levels
  • Gateway cities such as New York and San Francisco will have a long way to recovery in both rents and occupancy given both move-outs and supply coming online
  • YOY rent growth has increased significantly in markets where you see migration like Phoenix, Sacramento, Tampa, Phoenix, and Las Vegas
  • Rent declines in NYC, SF, and San Jose were above 10% YOY
  • Little if any distressed properties have materialized to date after March 2020
  • Most stress has come from small, less institutionalized properties. So-called mom and pop rentals in more urban locations.
  • Collections have fallen during the pandemic however were not as bad as anticipated