In 2020, urban areas suffered as people left for more space in the suburbs, exurbs or smaller cities.
With this migration out of cities, high-quality downtown apartments and those located in larger tier-one markets have suffered higher levels of rent losses relative to the broader market, according to CoStar.
While lagging demand during the pandemic has been an issue, strong supply in these urban areas has also taken a toll on the apartment market. This was especially notable in markets where work-from-home became prevalent.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
