A strong recovery in multifamily leasing occurred in August 2021, compared not only to the prior year but also to August 2019 (the pre-pandemic baseline), according to the latest report from proptech firm MRI Software.
Highlights of the report, based on data from 1 million market-rate units across three consecutive Augusts, include:
Pricing increased 11 percent between 2020 and 2021 and 7 percent between the baseline and 2021.
Traffic increased 18 percent between 2020 and 2021 and 38 percent between the baseline and 2021.
Move-in volumes increased 16 percent between 2020 and 2021, down only 4 percent from the baseline.
Renewal volumes increased 5 percent between 2020 and 2021, down only 7 percent from the baseline.
Move-outs have decreased 13 percent between 2020 and 2021 and 30 percent between the baseline and 2021, fueling the tightening of supply.
Not every metric was positive, however.
“Although conce
