{"id":160,"date":"2020-12-10T09:43:26","date_gmt":"2020-12-10T09:43:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=160"},"modified":"2023-04-13T11:51:24","modified_gmt":"2023-04-13T11:51:24","slug":"midwestern-markets-shine-while-gateway-cities-continue-to-sputter-according-to-yardi-matrix","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/midwestern-markets-shine-while-gateway-cities-continue-to-sputter-according-to-yardi-matrix\/","title":{"rendered":"Midwestern Markets Shine while Gateway Cities Continue to Sputter, According to Yardi Matrix"},"content":{"rendered":"

Multifamily rents declined by 0.5% in November on a year-over-year basis.<\/em><\/p>\n

SANTA BARBARA, Calif., December 10, 2020<\/strong> \u2013 The renter exodus from gateway cities like New York, San Francisco, Washington D.C., Chicago, Boston and Los Angeles continues as gateway markets showed larger declines in year-over-year rents this November than the month prior, states the latest National Multifamily Report<\/a><\/strong> from Yardi\u00ae Matrix.<\/p>\n

Overall, multifamily rents declined by 0.5% in November on a year-over-year basis, but more than 100 secondary and tertiary markets are doing better than the national average. Yardi Matrix surveys 135 U.S. metros for multifamily data and includes a selection of the top 30 markets in each month\u2019s national report. In that analysis are some bright spots, including more than 100 secondary tertiary markets that are performing better than the national average, and strong performances from Midwestern cities like Indianapolis and Kansas City.<\/p>\n

\u201cMarkets like Indianapolis and Kansas City that rarely get the spotlight have seen consistent rent growth throughout the pandemic,\u201d states the report. \u201cIn Chicago, the closest gateway market to Indianapolis and Kansas City, the average rent is about 34% more expensive than Kansas City and 32% more expensive than Indianapolis.\u201d That creates an opportunity for attracting residents in search of more space and lower rents. Detroit, South Bend, Ind., and Toledo, Kansas also saw rent gains.<\/p>\n

In the struggling gateway cities, Manhattan (-10.2%) led the pack in decline rates, followed by San Francisco (-8.6%), Washington, D.C. (-3.9%), Chicago (-3.4%), Boston (-3.3%) and Los Angeles (-2.9%). Leading all markets were California\u2019s Inland Empire (6.6%) and Sacramento (5.9%) for the second month in a row.<\/p>\n

Gain all the latest market insights in the November multifamily report<\/a><\/strong> from industry data leader Yardi Matrix.<\/p>\n

Yardi Matrix offers the industry\u2019s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email matrix@yardi.com<\/a>, call (480) 663-1149 or visit yardimatrix.com<\/a> to learn more.<\/p>\n

About Yardi<\/strong><\/p>\n

Yardi\u00ae develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Multifamily rents declined by 0.5% in November on a year-over-year basis. SANTA BARBARA, Calif., December 10, 2020 \u2013 The renter exodus from gateway cities like New York, San Francisco, Washington D.C., Chicago, Boston and Los Angeles continues as gateway markets showed larger declines in year-over-year rents this November than the month prior, states the latest […]<\/p>\n","protected":false},"author":650,"featured_media":161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[98,99,100],"class_list":["post-160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-gateway-markets","tag-midwestern-markets","tag-multifamily-rents"],"yoast_head":"\nMidwestern Markets Shine while Gateway Cities Continue to Sputter, According to Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The renter exodus from gateway 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