Impact of Pandemic on Apartments Beginning to Emerge
According to the latest Yardi Matrix, the average U.S. rent in April was $1,465 (down $8). That being said, Yardi says rents increased 1.6% on a year-over-year basis, however they point out that it marks the biggest one-month decline in their dataset, including during the Great Recession, and it puts rents back to where they were in August, 2019. Yardi also believes that April’s rent collections surprised many to the upside.
“Even though the COVID-19 pandemic has deeply disrupted the apartment rental process, the industry has responded quickly with virtual or self-guided tours and online leasing, which has enabled operations to continue.”