Multifamily rents declined by 0.2% in January on a year-over-year basis, a 20-basis-point increase from December
SANTA BARBARA, Calif., Feb. 8, 2021 – There was a glimmer of good news for gateway markets, which have been hit the hardest by decreasing renter demand and resulting price drops, in this month’s Yardi® Matrix National Multifamily Report.
Multifamily rents declined by 0.2% in January on a year-over-year basis, a 20-basis-point increase from December. Overall rents increased by $3 to a $1,392 national average.
Two gateway markets that struggled throughout 2020, San Jose (-13.0%) and Washington, D.C. (-4.5%) both saw month over month gains. “If the U.S. economy continues to improve, we could see rents begin to rise in many markets in the coming months,” states the report.
In January, Yardi Matrix expanded its methodology to include all 130 Matrix markets in the national average calculation. “As our market penetration continues to grow and we collect more data, we feel it appropriate to add new markets to our national calculations,” Matrix analysts explained.
Find metro-level detail in the latest National Multifamily Report.
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