National Multifamily Report – August 2020

According to a Yardi Matrix survey of 127 markets, rents have increased this month by $1 to $1,463.

Multifamily rents have increased this month by $1 to $1,463, marking the second month of growth in a row, according to a Yardi Matrix survey of 127 markets. However, year-over-year rents declined 0.3 percent, showing no difference from the previous month.

When it comes to market performance, 108 performed better than the national average in August, showing that the larger markets, with major rent declines, are the ones pulling down the national average. The best performer was Indianapolis, which showcased a year-over-year rent growth of 3.5 percent. 

The Lifestyle asset class continues to be hit the hardest, with 22 of the top 30 markets showing negative rent growth for the month. On the other hand, Renter-by-Necessity has continued to perform well and increased by 1.0 percent nationally. Year-over-year rent growth has declined in 16 of the top 30 markets, with the three highest being San Jose, San Francisco and Boston. 

To read the full report, visit the Yardi Matrix website.