National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Multifamily’s Recovery from Pandemic Shows Bifurcation by Market
Multifamily performance has rebounded quickly from the pandemic slowdown, but there are exceptions in urban gateway metro submarkets. A study of 78,000 properties with 14.4 million units in Yardi Matrix’s database shows that large occupancy declines in the past year have been concentrated in a handful of cities.
Roughly one out of every 14 multifamily properties in the U.S. has seen occupancy rates drop by 5% or more over the last 12 months, according to Yardi Matrix’s new multifamily occupancy bulletin. These losses are concentrated in urban assets in nine gateway metros, including San Francisco, Chicago, Los Angeles, Manhattan and others.
“The study shows a large bifurcation in market performance and recovery period,” according to Matrix analysts. “Some markets are back to pre-pandemic performance levels already, while it could take five years or more for rents to recover in the most affected urban submarkets.”
- ◦Lease
