Lower-cost metros continue to outperform pricey gateway markets
Since the beginning of the pandemic, rents have only varied by a few dollars each month — contrary to what many experts initially feared. However, there are significant rent variations at the metro level and, given a lack of government stimulus and continuing layoffs, the fall and winter months will be telling, according to the latest Yardi Matrix® National Multifamily Report.
With the extreme uncertainty surrounding the country today, the multifamily industry has held up better so far than many predicted. Since the beginning of the pandemic, overall rents have only been up or down by a few dollars each month. Many initially feared that the decline would be much steeper than the $8 overall national rent decline we have seen since February.
According to the National Multifamily Housing Council’s Rent Payment Tracker, 92.2 percent of apartment households made a full or partial rent payment by September 27 — a 1.5 percentage point decline from September 2019 and