Multifamily leasing performance in August exceeds pre-pandemic levels

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