Multifamily rent concessions remained at historic highs in February, even as lease pricing rebounded to pre-COVID levels.
The latest report from MRI Software, which compiles data from more than 1 million market rate units, shows that concession values remained at their peak for the second straight month, compared with February numbers from a year prior.
"I am encouraged by the increase in lease pricing, despite the high concession volumes," says Brian Zrimsek, industry principal with MRI Software. "This jump is notable, given the ongoing uncertainties about vaccination rates and stimulus packages. Of course, those same uncertainties are driving the popularity of month-to-month leases and prompting residents to stay in place."
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