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Yardi Matrix: Multifamily’s Quick Pandemic Recovery Has Exceptions

Yardi Matrix Special Report Multifamily Occupancy Research

Study of 78,000 properties reveals challenges and weak spots in the return to post-pandemic conditions

SANTA BARBARA, Calif., April 23, 2021 – Multifamily performance has rebounded quickly from the pandemic slowdown, but there are exceptions in urban gateway metro submarkets. According to a study of 78,000 properties with 14.4 million units in Yardi® Matrix’s database, large occupancy declines in the last year have been concentrated in a handful of cities that may take up to five years to recover.

Roughly one out of every 14 multifamily properties in the U.S. has seen occupancy rates drop by 5% or more over the last 12 months, states the new multifamily occupancy bulletin. These losses are concentrated in urban assets in nine gateway metros, including San Francisco, Chicago, Los Angeles, Manhattan and others. In the year ending February 2021, 7.3% of properties nationally saw occupancy rates drop by 5% or more and 1.8% of properties saw occupancy rates drop by 10% or more.

“The study shows a large bifurcation in market performance and recovery period. Some markets are back to pre-pandemic performance levels already, while it could take five years or more for rents to recover in the most affected urban submarkets,” say Matrix analysts.

Find much more in-depth insight on multifamily occupancy levels from Yardi Matrix.

Yardi Matrix offers the industry’s 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 [email protected], call (480) 663-1149 or visit to learn more.

About Yardi

Yardi® 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

About the author

Jeff Adler

Jeffrey Adler is Vice President, of Yardi® Matrix, the data division of Yardi Systems.

Yardi® Matrix is a US multifamily, student, office, medical office/lab space, industrial, and self-storage asset information toolset for originating, underwriting, and asset managing commercial real estate investments, with over 800 clients worldwide. Yardi® Matrix provides investment strategy, market and institutional research reports leveraging the underlying property level detail of 135 markets, >92,000 multifamily properties and >18 MM units. Mr. Adler also leads Commercial Property Executive and Multi-Housing News, two digital media websites.

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