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Freddie Mac's Apartment Investment Market Index declined quarter-to-quarter and year-over-year in the fourth quarter of 2021.

Freddie Mac’s Apartment Market Index Stays Positive Despite NOI Declines

Freddie Mac said its Multifamily Apartment Investment Market Index (AIMI) rose by 0.5% in the fourth quarter after rebounding in Q3. The marginal growth reflects a quarter where falling mortgage rates offset negative NOI and property price growth, both driven in part by the COVID-19 pandemic.

“Over the year, AIMI remained positive nationally and in most markets, but some local markets felt the impact of the pandemic more acutely and experienced substantial contractions,” said Steve Guggenmos, VP of Freddie Mac Multifamily Research and Modeling.

Over the quarter, AIMI increased in the nation and in most markets. Sixteen markets experienced quarterly growth, while nine metros experienced quarterly contraction.

Conversely, most metro areas experienced a decline in NOI. The nation and 16 markets experienced quarterly NOI contraction, while nine metros experienced positive NOI growth. As in Q3, New York and San Francisco were especially pronounced, dropping –6.2% and -9.4%, respectively.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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