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Market-Rate Apartment Metrics Recovering Faster Than Other Sectors
Proptech firm MRI Software said Thursday its studies of multifamily sectors show significant differences in key indicators of recovery, with market-rate generally faring best. Rent collections in affordable housing lag those of market-rate and public housing, while mobility in affordable and public housing trails that of market-rate.
“The findings on market-rate housing are reassuring, despite the modest reduction in payment rates,” said industry principal Brian Zrimsek. “It seems that we’re headed toward a welcome recovery in this sector, and summer leasing activity should add to the momentum. The eventual lifting of eviction moratoriums will replace residents who are currently not able to afford rent.
“In contrast, the drop in payment performance in the affordable sector is of concern,” he continued. “When eviction moratoriums are lifted, we will see some of these tenants move on. But the lack of movement in public housing raises concerns about where these tenants can go.”
