National Multifamily Report – September 2020

Although there is still uncertainty due to the pandemic, the multifamily industry continues to hold up well with rents decreasing only 0.3 percent year-over-year.

The coronavirus pandemic has proven to be quite a challenger against the multifamily market. Since it began to escalate back in March, overall rents have been both up and down by a few dollars each month. For September, multifamily rents decreased by only $1 to $1,463, according to a Yardi Matrix report of 127 markets. Industry experts believed that declines would be much worse than the $8 overall national decline the market has witnessed since February, but that has not been the case. 

The largest changes come down to metro performance, where higher-cost cities that have had some of the highest rents have experiences extreme declines. This includes San Jose at -6.6 percent and San Francisco at -5.8 percent. These were the two metros with the largest year-over-year declines by $205 and $136. On the opposite end, the Inland Empire witnessed an increase in year-over-year rents by 3.4 percent ($35) and Sacramento jumped 3.1 percent ($37). 

Although there is still uncertainty, the multifamily industry continues to hold up well. Rents decreased only 0.3 percent in September year-over-year, a 10-basis-point decline from the 0.2 percent in August. 

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