Multifamily rents declined by 0.2% in January on a year-over-year basis, a 20-basis-point increase from December
SANTA BARBARA, Calif., Feb. 8, 2021 – There was a glimmer of good news for gateway markets, which have been hit the hardest by decreasing renter demand and resulting price drops, in this month’s Yardi® Matrix National Multifamily Report.
Multifamily rents declined by 0.2% in January on a year-over-year basis, a 20-basis-point increase from December. Overall rents increased by $3 to a $1,392 national average.
Two gateway markets that struggled throughout 2020, San Jose (-13.0%) and Washington, D.C. (-4.5%) both saw month over month gains. “If the U.S. economy continues to improve, we could see rents begin to rise in many markets in the coming months,” states the report.
In January, Yardi Matrix expanded its methodology to include all 130 Matrix markets in the national average calculation. “As our market penetration continues to grow and we collect more data, we feel it appropriate to add new markets to our national calculations,” Matrix analysts explained.
Find metro-level detail in the latest National Multifamily Report.
Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn more.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.