{"id":376,"date":"2021-02-01T12:50:18","date_gmt":"2021-02-01T12:50:18","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=376"},"modified":"2023-02-17T09:34:05","modified_gmt":"2023-02-17T09:34:05","slug":"yardi-matrix-documents-multifamily-concession-trends-in-new-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-documents-multifamily-concession-trends-in-new-report\/","title":{"rendered":"Yardi Matrix Documents Multifamily Concession Trends in New Report"},"content":{"rendered":"<p><em>Properties offering discounts or price breaks to entice renters spiked in spring and fall 2020, but varied by region and asset class<\/em><\/p>\n<p><strong>SANTA BARBARA, Calif., Feb. 2, 2021<\/strong> \u2013 With the combined pressures of economic uncertainty and a global pandemic, multifamily housing providers in many parts of the U.S. turned to concessions to attract and retain renters in the second and third quarters of 2020, <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1190-MatrixMultifamilyConcessionsBulletin-January2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>reports Yardi\u00ae Matrix<\/strong><\/a>.<\/p>\n<p>But not surprisingly, the price breaks or lease-signing bonuses were unique regionally and were more frequently offered by Class A and B properties. Granular detail on which areas offered the most concessions can <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1190-MatrixMultifamilyConcessionsBulletin-January2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>be found in the report<\/strong><\/a>.<\/p>\n<p>Key takeaways include:<\/p>\n<ul>\n<li>Concessions increased the most in gateway metros (San Jose, San Francisco and New York) and Class A and high-rise properties<\/li>\n<li>Concessions grew the least in tertiary markets and in Class C and low-rise properties<\/li>\n<li>Metros with the most properties offering concessions have seen a pandemic-driven drop in demand and significant new supply delivered last year<\/li>\n<\/ul>\n<p>\u201cStrategies employed by owners to optimize income\u2014such as offering concessions or lowering asking rent\u2014are affected by competitive pressures, which may differ by metro,\u201d say analysts. And in the final quarter, the number of concessions offered declined. \u201cThis could be a sign that the market is stabilizing or that owners are shifting strategies to attract and retain tenants,\u201d notes the report.<\/p>\n<p>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 <a href=\"mailto:matrix@yardi.com\">matrix@yardi.com<\/a>, call (480) 663-1149 or visit <a href=\"https:\/\/www.yardimatrix.com\/\">yardimatrix.com<\/a> to learn more.<\/p>\n<p><strong>About Yardi<\/strong><\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Properties offering discounts or price breaks to entice renters spiked in spring and fall 2020, but varied by region and asset class SANTA BARBARA, Calif., Feb. 2, 2021 \u2013 With the combined pressures of economic uncertainty and a global pandemic, multifamily housing providers in many parts of the U.S. turned to concessions to attract and [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,29],"tags":[221],"class_list":["post-376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-releases","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the 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but varied by region and asset class.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-documents-multifamily-concession-trends-in-new-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-01T12:50:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T09:34:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/02\/Matrix_Blog_Matrix_Special_Report_MF_Concessions_Blog_Social_Graphics_13062.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\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 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