Latest multifamily data shows rents falling, card payments rising and little turnover despite increase in traffic

The COVID-19 pandemic continued to affect the U.S. multifamily market in May, reflected in lower lease pricing, expanded use of credit card payments, increasing traffic and a tendency among residents to stay put, according to MRI Software, a global leader in real estate software solutions.

The firm’s latest report compares data from more than 1 million market-rate units (a subset of the total units managed by MRI clients) in February-May 2020 and February-May 2019.

Key findings include:

Lower prices: Pricing for new leases of eight to 14 months decreased by 5 percent in May 2020 compared to May 2019. The previous month’s pricing is also 7 percent lower than that of February 2020. Traffic is rebounding, but applications and move-ins are not: Traffic year-to-date has recovered to 101 percent of the same period in 2019, yet renters are generally staying in place at a greater rate compared to 2019.