The National Multifamily Housing Council reports that 76.6% of households living in the country’s stock of professionally-managed market-rate apartment properties have paid rent for January as of the 6th. The latest results are off by 1.7 percentage points from the 78.3% share of households making payments through January 6, 2020.
Look for another round of substantial apartment completions across the U.S. in 2021. Scheduled deliveries top 2020’s already big volumes in many metros, including most of the gateway markets where rent achievement has deteriorated so much during recent months.
The U.S. apartment market has ended 2020 with sustained healthy occupancy but very mixed results across metros in terms of rent achievement. December occupancy in the country’s 150 largest metros came in at 95.5%, only a hair under the year-earlier figure of 95.6%. Influencing that performance, product demand stayed solid during 4th quarter, a period when normal seasonality tends to yield minimal product absorption.
U.S. apartment rent collections have slipped moderately from earlier levels, according to the latest statistics from RealPage, Inc. Nationally, the share of households paying December’s rent through the 27th is off by 2.7 percentage points from year-earlier results.
After nearly a year of struggle for the U.S. economy and apartment market during the COVID-19 pandemic, apartment construction activity remains elevated. As of 3rd quarter, more than 591,000 units were under way across the nation.
The National Multifamily Housing Council reports that 89.8% of households living in the country’s stock of professionally managed market-rate apartment properties have paid rent for December as of the 20th. The latest results are off by 3.4 percentage points from the 93.2% share of households making payments through December 20, 2019.
Despite COVID-19 and all that has happened in 2020, apartment development hasn’t been deterred as some thought it might be. A little over 292,000 new market-rate apartments have gotten off the ground in the nation’s 150 largest markets in 2020. That wasn’t far off from annual volumes that hovered at a little more than 300,000 units during the previous five years.
U.S. apartment rent collections are losing some steam, according to the latest statistics from RealPage, Inc. Nationally, the share of households paying December’s rent through the 13th is off by 4.2 percentage points year-over-year. That payment rate also is off from the collections results for the initial 13 days of last month, slipping by 2.5 percentage points.
Though occupancy held up, U.S. apartment rents continued to decline in November as the divergence in performance widened among individual local markets. In the year-ending November, effective asking rents fell 1.1%, a slight improvement over October’s decline of 1.3%.
The global pandemic undoubtedly altered the higher education world in 2020, but the student housing industry fared much better than many had feared when colleges shuttered and sent students home back in March and April. There was still a loss of momentum, but the industry weathered the crisis admirably.
The National Multifamily Housing Council reports that 90.3% of households living in the country’s stock of professionally managed market-rate apartment properties have paid rent for November as of the 20th. The latest results are off by a mild 1.6 percentage points from the 91.9% share of households making payments through November 20, 2019.
U.S. apartment effective asking rents are down 1.3% year-over-year in October data from RealPage, Inc. The nation’s average price is now $1,412. Dig into the details and you’ll see a stunning range of individual market performances.
Apartment renters continue to renew their leases at historically high levels across most of the country – with the notable exception of coastal gateway cities. Resident retention rates held roughly steady or improved in 31 of the nation’s 50 largest metro areas in October 2020 versus October 2019.
Apartment operators inside America’s big gateway cities are noticing an unprecedented and painful anomaly in the data tracking their properties. A surprisingly huge number of renters are signing new apartment leases … and yet, occupancy rates are plummeting.
Multifamily permits and starts remain notably below year-ago levels, while the single-family market continues to see sizable growth. Building permits for multifamily construction came to 390,000 units on a seasonally adjusted annual rate in September.
The National Multifamily Housing Council reports that 94.6% of households living in the country’s stock of professionally-managed market-rate apartment properties have paid rent for October as of the 27th. The latest results fall 1.3 percentage points under the 95.9% payment level recorded through October 27, 2019.
Across the nation’s 150 largest apartment markets, only Atlanta claimed more than 9,000 units worth of absorption in the July to September timeframe. The Georgia market claimed the nation’s top spot for apartment demand during a time when many markets are struggling during the COVID-19 pandemic and recession
Employment losses remain steep in most major markets, and economic recovery has slowed, paused, or in some cases, reversed, in some of the nation’s top metropolitan areas. Increasing COVID-19 infection rates and the resulting re-imposition of restrictions on businesses and residents has slowed economic recovery across the U.S.
The National Multifamily Housing Council reports that 86.8% of households living in the country’s stock of professionally-managed market-rate apartment properties have paid rent for October as of the 13th. The latest results fall 2.4 percentage points under the 89.2% payment level recorded through October 13, 2019.
When the federal unemployment benefits in the CARES Act expired at the end of July, there was legitimate concern that residents in designated affordable housing would be most impacted. But after two full monthly rent cycles, collections have surprisingly held steady.
