National Multifamily Report – July 2020
- Aug 20, 2020
Multifamily rents went up $2 in July to $1,460, marking the end of a four month decline. Gateway markets continued their decline year-over-year, including San Jose at -5.0 percent and San Francisco at -4.1 percent. Year-over-year rent growth remained negative nationally at -0.3 percent, unchanged from last month, according to a Yardi Matrix survey of 127 markets.
This is a major change for these metros, which saw increases of 2.0 percent and 2.8 percent, respectively, last year. Millions of Americans are still unemployed and the industry is waiting on the long debated stimulus package that is aimed at providing relief to renters and owners.
Of the top 30 markets, 17 showcased negative rent growth year-over-year. The Renter-by-Necessity class is still holding strong, with national rents rising 1.2 percent in July year-over-year. However, Lifestyle rents fell 1.7 percent nationwide, with the largest declines showing in the gateway and coastal markets.
To read the full report, visit the Yardi Matrix website.