Multifamily performance has rebounded quickly from the pandemic slowdown, but there are exceptions in urban gateway metro submarkets. According to a study of 78,000 properties with 14.4 million units in Yardi® Matrix’s database, large occupancy declines in the last year have been concentrated in a handful of cities that may take up to five years to recover.
Roughly one out of every 14 multifamily properties in the United States has seen occupancy rates drop by 5 percent or more over the last 12 months, states the new multifamily occupancy bulletin. These losses are concentrated in urban assets in nine gateway metros, including San Francisco, Chicago, Los Angeles, Manhattan and others. In the year ending February 2021, 7.3 percent of properties nationally saw occupancy rates drop by 5 percent or more and 1.8 percent of properties saw occupancy rates
