Once again, rental growth trends are favoring slower, non-gateway markets. Primary markets and west coast markets are seeing the largest impact from COVID-19. Unemployment benefits are falling short and retention rates have reached all-time highs.
Transaction volume is expected to significantly decrease compared to 2019, and declining rent growth and income growth will hit the coastal markets the hardest. Nationwide, rents have declined in four consecutive months as of June.
Rent Collection is beginning to slow in July. May collections were stronger compared to July but rent growth has continued to decline in certain areas. Gateway markets and lifestyle renters are seeing the largest slowdown in rental growth, while..
The Effects of COVID-19 are beginning to take effect, as asking rents are declining in most major markets. Renters by necessity are relatively stable in terms of rent growth, by lifestyle rents are being hit the hardest. Rents are declining at..
Apartment retention rates are up, but rent growth is down. Operators are seeing increased short-term rentals on renewals due to COVID-19, but new leases are not achieving rent growth due to lower pricing on longer-term commitments. Metros that..
The multifamily industry has seen some minor effects of the COVID-19 pandemic, but the performance was better than expected after rent collections. Class C properties will be hit the hardest, as well as those markets that are travel and..