Rent Collections in May Stayed Strong Despite Unemployment Increases, Yardi Matrix Reports

93.3% of apartment households paid some form of rent by May 27, according to the National Multifamily Housing Council

SANTA BARBARA, Calif.,
June 9, 2020 – May rent
growth continued its downward trend as many states began to open non-essential
busi­nesses. During what would typically be the middle of prime leasing season,
rents declined nationally by 0.3% on a month-over-month basis, according to the latest Yardi Matrix® report.

May rent
collections continued to be strong according to the National Multifamily Housing Council’s Payment
Tracker reporting. But even with healthy collections,
rents continue to decline, particularly for the “lifestyle” asset class, likely
due to some renters downgrading to more affordable apartments or moving in with
family or friends.   

The steepest
declines in monthly average rents were seen in major gate­way markets that were
among the first to impose strict lockdowns. Smaller markets are not immune and
have seen substantial rent declines as well. Dive deeper into the full May National Multifamily Report.

Yardi
Matrix researchers also examined the top 50 metros in total employment to determine which have the most durable
employment sectors. The report defines the three “durable employment sectors”
as jobs in government, finance, and professional and tech­nical services.

Metros with the highest
percentage of durable jobs are typically home to government capitals, state
universities and/or knowledge-based industries. Leading the list nationally are
Lansing, Mich. (44.0%), Washington, D.C. (41.8%) and Sacramento (34.5%), all of
which include federal or state government capitals.

Markets at the bottom of the list
for durable employment sectors include Las Vegas (19.8%), Milwaukee (20.5%) and
Memphis (20.6%).

About Yardi Matrix

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professionals, equity investors, lenders and property managers who underwrite
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About Yardi

Yardi^® develops and
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types and sizes of real estate companies. Established in 1984, Yardi is based
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