{"id":741,"date":"2021-04-07T10:04:26","date_gmt":"2021-04-07T10:04:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=741"},"modified":"2023-02-17T09:39:08","modified_gmt":"2023-02-17T09:39:08","slug":"yardi-matrix-national-multifamily-market-outlook-march-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/","title":{"rendered":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021"},"content":{"rendered":"<h2>Multifamily Rents Have Turned a Corner<\/h2>\n<ul>\n<li>Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.<\/li>\n<li>Overall rents increased by $6 in March to $1,407. Nationally, multifamily rents had one of the strongest first quarters in a few years, with rents up 0.8% from the previous quarter. In the first quarter of 2020, the effects of the pandemic were just beginning to set in, and rents were up only 0.1%.<\/li>\n<li>Outside of the gateways and a select few other top 30 markets, most other metros had positive year-over-year rent growth. Out of our 134 markets surveyed this month, 114 had flat or positive YoY<br \/>\nrent growth.<\/li>\n<\/ul>\n<p>Nationally, the <a href=\"https:\/\/www.yardimatrix.com\/blog\/category\/real-estate-trends\/multifamily-market\/national-reports\/\"><strong>multifamily market<\/strong><\/a> is coming out of the first quarter of 2021 strong, with rents up 0.8% in the first quarter alone.<\/p>\n<p>Enactment of the <a href=\"https:\/\/www.yardimatrix.com\/blog\/covid-cash-kicks-off-new-policy-era-for-cre\/\"><strong>American Rescue Plan<\/strong><\/a> authorized the injection of $1.9 trillion into the economy. The two most recent aid packages (the American Rescue Plan and the Consolidated Appropriations Act) have provided a combined $50 billion of emergency rental assistance and other support to the housing industry. This funding is bound to have a positive effect on occupancy and rent growth throughout 2021. A likely hindrance to the industry is the ban on evictions, which the Centers for Disease Control and Prevention has just extended to June 30.<\/p>\n<p>Affordable metros in the West continued to thrive in March, with the Inland Empire (8.3%), Sacramento (7.3%) and Phoenix (6.9%) leading the way in year-over-year rent growth. The strong demand for housing in these metros has enabled this trend. Even expensive coastal markets and gateway cities are beginning to bounce back, albeit slowly.<\/p>\n<p>Lifestyle rents have been the hardest hit during the pandemic, but a floor has now emerged. Nationally, lifestyle rents were up 0.5% month-over-month, outperforming renter-by-necessity rents, which increased only 0.3%.<\/p>\n<p>Of the top 30 metros, 27 had flat or positive month-over-month lifestyle rent growth. On a year-over-year basis, some weakness remains, but half of the top 30 metros did see positive YoY lifestyle&nbsp; rent growth.<\/p>\n<p>As the pace of vaccinations continues to ramp up and cities continue to reopen, the multifamily market is poised for a strong 2021.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1229-MatrixMultifamilyNationalReport-March2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Yardi Matrix&nbsp;Multifamily National Report-March 2021<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Rents Have Turned a Corner Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner. Overall rents increased by $6 in March to $1,407. Nationally, multifamily rents had one of the strongest first quarters in a few years, with rents up 0.8% from [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,13,4],"tags":[221],"class_list":["post-741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily-market","category-national-reports","category-real-estate-trends","tag-multifamily-outlook-2021"],"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>Yardi Matrix National Multifamily Market Outlook \u2013 March 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.\" \/>\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\/yardi-matrix-national-multifamily-market-outlook-march-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021\" \/>\n<meta property=\"og:description\" content=\"Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T10:04:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T09:39:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.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":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021 - Yardi Matrix Blog","description":"Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.","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\/yardi-matrix-national-multifamily-market-outlook-march-2021\/","og_locale":"en_US","og_type":"article","og_title":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021","og_description":"Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.","og_url":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-04-07T10:04:26+00:00","article_modified_time":"2023-02-17T09:39:08+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.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\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021","datePublished":"2021-04-07T10:04:26+00:00","dateModified":"2023-02-17T09:39:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/"},"wordCount":363,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.jpg","keywords":["Multifamily Outlook 2021"],"articleSection":["Multifamily Market","National Reports","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/","url":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/","name":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.jpg","datePublished":"2021-04-07T10:04:26+00:00","dateModified":"2023-02-17T09:39:08+00:00","description":"Multifamily rents increased by 0.6% on a year-over-year basis in March, a sign that the multifamily market has turned a corner.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/MF-National-March-iStock-983731944.jpg","width":1200,"height":628,"caption":"Image by Art Wager\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/yardi-matrix-national-multifamily-market-outlook-march-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Yardi Matrix National Multifamily Market Outlook \u2013 March 2021"}]},{"@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\/2021\/04\/MF-National-March-iStock-983731944.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/741","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=741"}],"version-history":[{"count":2,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"predecessor-version":[{"id":5614,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions\/5614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/742"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}