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New York City's apartment rental market saw a mix of monthly gains and losses in December

Moody’s: Apartment Outlook Takes Positive Turn

The outlook for the apartment sector has taken a positive turn, with effective rents expected to approach pre-pandemic levels in 2022, Moody’s Analytics said Monday. After declining a record 3% in 2020, national average effective rents are now forecast to rise 2.1% in 2021.

Multifamily markets in dense urban areas such as New York, the Bay Area and Washington, DC were particularly affected by the pandemic, but likely have reached their rent low point and begun to recover. Meanwhile, vacancies nationally are expected to stabilize this year.

“We anticipate that the combination of returnees and first-time movers, now attracted by lower rents, will be enough to stabilize the apartment sector in key urban centers,” said senior CRE economist Thomas LaSalvia. “However, the office sector in these areas still has a way to go before recovery.”

Both office and retail are expected to see vacancy increases this year, says Moody’s Analytics.


Inside The Story

Connect With Moody’s Analytics’ LaSilvia

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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