{"id":163,"date":"2020-12-10T09:57:51","date_gmt":"2020-12-10T09:57:51","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=163"},"modified":"2021-02-08T12:16:06","modified_gmt":"2021-02-08T12:16:06","slug":"national-multifamily-market-report-november-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/","title":{"rendered":"National Multifamily Market Report \u2013 November 2020"},"content":{"rendered":"<h2>Midwest Markets Show Strength<\/h2>\n<ul>\n<li>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. Our published report covers a selection of the top 30 markets; however, our data service covers 135 markets, some of which may be referenced below.<\/li>\n<li>The Inland Empire (6.6%) and <a href=\"https:\/\/www.yardimatrix.com\/blog\/sacramento-real-estate-market-trends-fall-2020\/\">Sacramento<\/a> (5.9%) led our top 30 markets for the second month in a row, with Phoenix (4.3%) and <a href=\"https:\/\/www.yardimatrix.com\/blog\/indianapolis-real-estate-market-trends-fall-2020\/\">Indianapolis<\/a> (3.9%) trailing closely behind.<\/li>\n<li>All gateway markets showed larger declines in year-over-year rents this month than last month. Manhattan (-10.2%) led the pack, followed by San Francisco (-8.6%), Washington, D.C. (-3.9%), Chicago (-3.4%), Boston (-3.3%) and Los Angeles (-2.9%).<\/li>\n<\/ul>\n<p>The pandemic-induced rent declines in the gateway markets continued into November. With the decreases getting steeper as the months go on, many are wondering, \u201cWhen will rents reach the bottom and start to bounce back?\u201d The positive vaccine news bodes well for the gateway markets, but it will likely take more than a vaccine for residents to return. Many prior residents have adjusted to their lives in the suburbs or have moved to an entirely different market and will need major incentives to return.<\/p>\n<p>Midwestern markets like Indianapolis (3.9%) and Kansas City (2.4%) that rarely get the spotlight have seen consistent rent growth throughout the pandemic. In 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. Other top-performing Midwest markets include Detroit (4.3%), South Bend (3.9%), Toledo (3.2%), Columbus (3.1%) and Dayton (2.8%). In fact, all Midwest markets had positive year-over-year rent growth in November except for the<br \/>\nTwin Cities (-0.5%) and Chicago (-3.4%).<\/p>\n<p>The four Texas markets, which a year ago all had strong rent growth, have struggled\u2014especially Austin (-4.1%) and Houston (-1.4%). Austin has been known as a strong tech hub market, with plenty of high-paying jobs. However, during the pandemic, these strong tech jobs have not been enough to offset the economic damage that has occurred at the lower end of the wage scale. Austin has lost about 22% of its leisure and hospitality jobs on a year-over-year basis\u2014the most of the four Texas markets. Although the financial activities job sector has grown by about 11% on a YoY basis, it has not been enough to offset job losses in other sectors. New supply has also been a factor, with about 4.4% of stock completed so far this year.<\/p>\n<p>Download the full<strong> <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1158-MatrixMultifamilyNationalReport-November2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><span id=\"dnn_ctr905_View_genUC_lbl_DownloadTitle\">Matrix Multifamily National Report &#8211; November 2020<\/span><\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Midwest Markets Show Strength 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. Our published report covers a selection of the top 30 markets; however, our data service covers 135 markets, some of which may be referenced below. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[98,99,16,14],"class_list":["post-163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-gateway-markets","tag-midwestern-markets","tag-multifamily-outlook","tag-national-multifamily-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Multifamily Market Report \u2013 November 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Multifamily Market Report \u2013 November 2020\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T09:57:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-08T12:16:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Adler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"National Multifamily Market Report \u2013 November 2020 - Yardi Matrix Blog","description":"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.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/","og_locale":"en_US","og_type":"article","og_title":"National Multifamily Market Report \u2013 November 2020","og_description":"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.","og_url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2020-12-10T09:57:51+00:00","article_modified_time":"2021-02-08T12:16:06+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Adler","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"National Multifamily Market Report \u2013 November 2020","datePublished":"2020-12-10T09:57:51+00:00","dateModified":"2021-02-08T12:16:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/"},"wordCount":415,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","keywords":["Gateway Markets","Midwestern Markets","Multifamily Outlook","National Multifamily Report"],"articleSection":["Multifamily Market","National Reports","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/","url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/","name":"National Multifamily Market Report \u2013 November 2020 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","datePublished":"2020-12-10T09:57:51+00:00","dateModified":"2021-02-08T12:16:06+00:00","description":"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.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","width":1200,"height":628,"caption":"Image by Sean Pavone\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"National Multifamily Market Report \u2013 November 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/National-Multifamily-November-iStock-1276811308.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=163"}],"version-history":[{"count":4,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/163\/revisions"}],"predecessor-version":[{"id":372,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/163\/revisions\/372"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/187"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}