The Inland Empire and Sacramento are showing the top gains as the multifamily market continues its swift rebound from the COVID-19 pandemic, with rents up 7.6% and 6.4%, respectively.
A new multifamily report from Yardi Matrix shows the markets are also among the top three for occupancy growth year-over-year, with occupancy in the Inland Empire ticking up 2.2% in January and Sacramento showing a 1.2% increase. They also showed strong rent growth thanks to limited new supply coming online.
Meanwhile, rents in New York, San Jose, and San Francisco remain seriously compressed year-over-year, though their monthly declines have slowed from the summer and fall 2020. And in cities like Seattle, which showed a 7.7% decline in rent year over year, the struggle continued as tight COVID-19 restrictions dragged on and tech workers remained decamped elsewhere.
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