As the COVID-19 pandemic appears to be waning in the U.S., multifamily rent growth is showing increasing strength, according to a recent report from data firm Yardi Matrix. This April, multifamily rents on a national basis posted the highest year-over-year increase since the onset of the pandemic, at 1.6 percent, the firm’s researchers note. What’s more, not only have most of the 30 markets Yardi Matrix tracks posted rent growth during April, markets that have been weakened by the pandemic, including all gateway markets, are by now showing signs of recovery.
Looking forward, Yardi Matrix forecasts that things are only going to improve in 2021, with every market it tracks except San Francisco posting positive rent growth by year-end, ranging from 1.5 percent to 5.3 percent. Here’s a breakdown of where multifamily rents are likely to grow the most in the near term and how that growth correlates to the local jobs market and multifamily completions.
