Multifamily year-over-year rent growth remained negative at -0.3%, unchanged from June
SANTA BARBARA, Calif., August 4, 2020 – The majority of U.S. cities saw improved rental market performance in July, according to the latest Yardi Matrix® report analyzing the multifamily sector. Out of the top 30 markets, 25 showed improved performance from June. Atlanta, Denver and Phoenix did especially well, logging the largest increases from May to July at 1.0% growth.
Year-over-year rent growth decreased 0.3% nationwide as 17 of the top 30 markets saw negative rent growth. West Coast and gateway markets continue to show steep declines, with San Jose (-5.0%) and San Francisco (-4.1%) leading yet again. Notably, the “renter-by-necessity” asset class is holding strong, with national rents for this category increasing 1.2% year-over-year in July.
Rent payments continue to be on par with last year, with 93.3% of apartment households making a full or partial rent payment by July 27, according to the National Multifamily Housing Council’s Rent Payment Tracker.
“With another stimulus check, August rent payments will likely be in line with the strong payment trends we have seen since the beginning of the pandemic,” states the report. Final approval of another federal stimulus deal, however, is still unclear as of today.
Dive deeper into the full July National Multifamily Report.
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