{"id":311,"date":"2021-01-14T14:54:27","date_gmt":"2021-01-14T14:54:27","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=311"},"modified":"2021-01-19T09:24:42","modified_gmt":"2021-01-19T09:24:42","slug":"multifamily-rents-dropped-in-december-as-disparate-impacts-on-markets-persist-says-yardi-matrix","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/multifamily-rents-dropped-in-december-as-disparate-impacts-on-markets-persist-says-yardi-matrix\/","title":{"rendered":"Multifamily Rents Dropped in December as Disparate Impacts on Markets Persist, Says Yardi Matrix"},"content":{"rendered":"

Rents declined by 0.8% in December on a year-over-year basis, a 30-basis-point decline from November<\/em><\/p>\n

SANTA BARBARA, Calif., Jan. 14, 2021<\/strong> \u2013 2020 will go down as the year COVID-19 changed everything. As the pandemic became rampant, many initially feared that rents would rapidly decline. But many metros have emerged from 2020 unscathed, and some have even enjoyed significant rent growth. Others have not been so lucky, especially expensive coastal markets, according to the latest multifamily report from Yardi\u00ae Matrix<\/strong><\/a>.<\/p>\n

The sector ended the year on a low note. Multifamily rents declined by 0.8% in December on a year-over-year basis, a 30-basis-point decline from November. Overall rents declined by $4 to $1,462, the largest one-month decline since the beginning of the pandemic, when overall rents dropped by $5 in April.<\/p>\n

The differing impact gap on gateway markets and lower-cost metros continues to widen. California\u2019s Inland Empire (7.3% year-over-year rent growth) and Sacramento (6.1%) top the list, where they have been for the last four months. San Jose (-13.7%) and New York (-11.7%) fall at the bottom of the list. Tech stalwart San Jose, with its remote-friendly job base, has been at the bottom of the list for seven consecutive months. The metro\u2019s overall rents have fallen by 14.1% since March 2020.<\/p>\n

Fears about rent collection rates, initially a major concern for the industry when the pandemic began, have not come to pass. According to NMHC\u2019s Rent Payment Tracker, more than 94% of professionally managed apartment rents were fully or partially paid through October. Noticeable declines began to emerge in November and December, although most tenants still seemed to be prioritizing rent payments, with 93.8% of rent payments fully or partially made by the end of December.<\/p>\n

As economic uncertainty persists heading into 2021, multifamily professionals will be watching closely to see whether the bifurcation trends between market types<\/strong> <\/a>continues or if hopes for widespread vaccination draw residents back toward gateway markets once again.<\/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

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Rents declined by 0.8% in December on a year-over-year basis, a 30-basis-point decline from November SANTA BARBARA, Calif., Jan. 14, 2021 \u2013 2020 will go down as the year COVID-19 changed everything. As the pandemic became rampant, many initially feared that rents would rapidly decline. But many metros have emerged from 2020 unscathed, and some […]<\/p>\n","protected":false},"author":650,"featured_media":308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[100,14],"class_list":["post-311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-rents","tag-national-multifamily-report"],"yoast_head":"\nMultifamily Rents Dropped in December as Disparate Impacts on Markets Persist, Says Yardi Matrix - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents declined by 0.8% in December on a year-over-year basis, a 30-basis-point decline from November.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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