National Multifamily Report – May 2020
Although national rent growth continues to decrease, May's performance shows a chance for optimism, according to a Yardi Matrix report on 127 markets.
For the month of May, rents increased 0.8 percent on a year-over-year basis. However, according to the latest Yardi Matrix survey of 127 markets, national rent growth continued to decrease, hitting the lowest level on a year-over-year basis since February 2011.
According to the report, “May has historically been a strong month for rent growth, with 3.5 percent year-over-year growth in May 2019 and 2.9 percent in May 2018.” When it comes to year-over-year performance, gateway markets showed the largest decline: Boston and San Francisco (-1.0 percent), Chicago (-0.9 percent) and Los Angeles (-0.7 percent). On the other hand, there were still a handful of markets that continued to perform well, such as Phoenix (3.5 percent), Inland Empire (2.8 percent) and Indianapolis (2.5 percent).
Unemployment claims reached 2.1 million for the week ending May 23, bringing the total to over 40 million since mid-March. This has been concentrated in the leisure and hospitality sector, according to the report, which sited a 48.1 percent contraction in jobs between February and April.
To read the full report, visit the Yardi Matrix website.
