Freddie Mac's Multifamily Apartment Investment Market Index increased 3.4% in 2020. Falling mortgage rates, which decreased 57 basis points annually, offset decreased net operating incomes and increased asset pricing, ultimately producing positive AIMI nationally and in most markets.

AIMI is an data tool from Freddie Mac that analyzes multifamily rental income growth, property price growth and mortgage rates to measure investment conditions. The positive annual growth equates to a healthy environment for multifamily investment, despite the pandemic and market dislocation.

Throughout the year, AIMI increased in 18 markets as well as nationally, but fell in seven markets. Net operating income fell in 15 markets with New York and San Francisco seeing double digit decreases in NOI losses. The remaining 10 markets in the index had positive NOI growth. Jacksonville and Phoenix led in NOI gains exceeded 5% growth. Pricing increased in 16 markets, led by Phoenix where prices increased 11.2%.