Metros

While the market took a direct hit this downturn, rent losses started to decelerate toward the end of 2020.

With the metro's economy a mixed bag, market fundamentals mirror nationwide trends going into 2021.

Following a brief hiatus brought by the pandemic, the metro's rental market emerged nearly unscathed.

With rates contracting and occupancy declining, the borough's rental market is not out of the woods yet.

While development powered through and employment rebounded, the metro's average rent continues to drop.

After an initial shock in the second quarter, rent growth rebounded strongly in the second half of 2020.

In the wake of a challenging 2020, the borough's rental market is nonetheless eyeing recovery.

Mirroring most other gateway metros, the city is slower to recover when compared to secondary markets.

While rates took a dip in the second quarter, the metro's rents consistently outperformed U.S. averages last year.

The metro's rental market is poised for a sunnier 2021, thanks to its diversified economy and pre-pandemic strength,

Although the metro felt the immediate deep impact of the health crisis, recovery is well in sight.

In line with other secondary markets, the metro strongly outperformed gateway cities in 2020.