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Real Estate

How COVID impacted residential housing rents in April

Source: http://bigbyteinsights.com/blog/How_COVID-19_impacted_residential_housing_rents_in_various_markets_during_April-20

Based on web data, we have observed a notable deterioration in multifamily and single-family rentals trends during April-20.

COVID-19’s impact was so profound that even the Lease Over Lease Δ change did not exhibit the seasonal improvement in Apr-20 from Mar-20 levels for all publicly traded residential REITs (except one company that might be more focused on rate versus occupancy).

Lease Over Lease Δ figures increase during the spring/summer months due to seasonality (as short-term leases signed during the winter get reset at higher summer levels). The correct way to analyze multifamily & single-family rental health is to compare the levels in April-20 against levels from April-19 (nullifying the impact of seasonality). Our statistic, Y/Y Differential in Lease Over Lease Δ, makes this comparison and hence is the most appropriate gauge for the health of multifamily & single-family rents.

Multifamily MSA Performance:

Single-family MSA Performance:

Accuracy Analysis:

Our Lease Over Lease ∆ has a 96% regression r-square with American Homes 4 Rent’s (AMH) reported “Avg. Change in Rent for Re-Leases”.

To learn more about the data behind this article and what Big Byte Insights has to offer, visit http://bigbyteinsights.com/.

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

DATA PROVIDER SPOTLIGHT

Advan

Advan provides hedge funds and institutional investors with unmatched insights into both foot and vehicle traffic to enable better investment decisions. Using precise, manual geofencing, it has the most extensive and accurate location data, available in seconds through an intuitive, self-service dashboard. Its institutional-grade analytics allow fast and actionable insights into customer behavior and corporate activity.

Advan is headquartered in New York City. For more information please visit www.advan.us