{"id":28,"date":"2020-11-11T11:49:05","date_gmt":"2020-11-11T11:49:05","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=28"},"modified":"2023-02-17T09:11:47","modified_gmt":"2023-02-17T09:11:47","slug":"national-multifamily-market-report-october-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2020\/","title":{"rendered":"National Multifamily Market Report &#8211; October 2020"},"content":{"rendered":"<h2>Growing Divergence Between Primary, Secondary Markets<\/h2>\n<ul>\n<li>Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets. On a year-over-year basis, rents fell 0.6% nationwide.<\/li>\n<li>Secondary and tertiary markets are performing the best, as high costs and limited community amenities drive outmigration from gateway markets. The Inland Empire (6.0%), Sacramento<br \/>\n(5.0%), Las Vegas (3.9%) and Phoenix (3.8%) lead our top 30 markets, with each market benefiting from migration out of the Bay Area and Los Angeles.<\/li>\n<li>Not surprisingly, New York (-10.0%), San Francisco (-8.2%), Washington, D.C. (-3.7%), Boston (-3.1%), Chicago (-2.9%) and Los Angeles (-2.8%) all fell at or near the bottom of our rankings.<\/li>\n<\/ul>\n<p>With each passing month, outmigration from large gateway markets to secondary and tertiary tech hubs is amplifying. At this point, the apparent winners are markets in close proximity to<br \/>\nlarge gateways but with significantly lower costs of living.<\/p>\n<p>The Inland Empire (6.0%) and Sacramento (5.0%) lead our top 30 market rankings for year-over-year rent growth, as the neighboring Los Angeles and San Francisco continue to bear the brunt of<br \/>\nrenters moving out. The average rent in the Inland Empire ($1,669) is 23% less than the average rent in Los Angeles, and the average rent in Sacramento ($1,609) is 34% less than the average rent in San Francisco. As many workers, especially those in creative and knowledge-based industries, enjoy increased flexibility to work remotely, many individuals are weighing the costs and imitations of gateway markets versus the benefits of smaller cities and are choosing to relocate.<\/p>\n<p>The same is happening in tertiary markets, with Boise (8.1%), Huntsville (6.8%) and Portland, Maine (6.5%) leading all markets in rent growth. These tertiary markets have a strong tech presence and are attracting people from expensive coastal markets. Other popular tech hubs including Tampa (2.8%), Atlanta (1.9%), Charlotte (1.6%) and Raleigh (0.6%) may have lower rent growth, but that is likely a function of continued significant new supply. Demand remains strong, as gateway residents are not only moving to nearby secondary metros but also relocating to other tech hubs in the Sun Belt and Southwest.<\/p>\n<p>Primary markets will not suffer forever, but their recovery will depend on how much newly relocated individuals enjoy their adopted homes and cities and whether they choose to stay.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1148-MatrixMultifamilyNationalReport-October2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Read the full <span id=\"dnn_ctr905_View_genUC_lbl_DownloadTitle\">Matrix Multifamily National Report<\/span><\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Growing Divergence Between Primary, Secondary Markets Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets. On a year-over-year basis, rents fell 0.6% nationwide. Secondary and tertiary markets are performing the best, as high costs [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[16],"class_list":["post-28","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook"],"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 - October 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets.\" \/>\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-october-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 - October 2020\" \/>\n<meta property=\"og:description\" content=\"Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-11T11:49:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T09:11:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/National-Multifamily-October-iStock-1026881440.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 - October 2020 - Yardi Matrix Blog","description":"Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets.","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-october-2020\/","og_locale":"en_US","og_type":"article","og_title":"National Multifamily Market Report - October 2020","og_description":"Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets.","og_url":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2020-11-11T11:49:05+00:00","article_modified_time":"2023-02-17T09:11:47+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/National-Multifamily-October-iStock-1026881440.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-october-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-october-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"National Multifamily Market Report &#8211; 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