While it hasn't suffered as much as other asset classes, multifamily has gotten hit by the pandemic.
In a recent report, Yardi noted that multifamily rents declined by 0.8% in December on a year-over-year basis, a 30-basis-point decline from November. Overall, December saw a $4 decrease in rents to $1,462. That was the largest one-month decline since the beginning of the pandemic, when overall rents dropped by $5 in April.
Still, there are pockets of strength. While high-cost metros like New York and San Francisco struggled, almost half of the top 30 markets finished the year with flat or positive year-over-year rent growth, according to Yardi. It says that Tampa (0.9%) led the top 30 markets on a month-over-month basis in December. The Inland Empire, Phoenix and Orange County followed behind with 0.5%.
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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.
