According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were down 0.5% year-over-year in November. Interestingly, they point out that a “renter exodus” from gateway cities like New York, San Francisco, Washington D.C., Chicago, Boston and Los Angeles continues with these markets exhibiting larger declines in year-over-year rents. Indeed…
“The pandemic-induced rent declines in the gateway markets continued into November. With the decreases getting steeper as the months go on, many are wondering, “When will rents reach the bottom and start to bounce back?” The positive vaccine news bodes well for the gateway markets, but it will likely take more than a vaccine for residents to return. Many prior residents have adjusted to their lives in the suburbs or have moved to an entirely different market.”
Click here to read the full report at Yardimatrix.com.
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