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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