26 May Multifamily Family Market Report – May 2021
Are you searching for more information on how the multifamily market is doing in 2021? If so, you’ve come to the right place!
The good news is that as of May 2021, the nationwide multifamily market has enjoyed its best month since the beginning of the Pandemic because rents grew by 1.6%, to $1,417, on a year-over-year basis.
For the first time since the beginning of the COVID-19 Pandemic, rents in all rental markets across the United States saw positive growth, with many markets seeing rent growth of more than 0.5 percent.
Landlords Optimistic For The Future
In 2020, landlords across the United States all shared in the same pain as tenants largely benefitted from ongoing eviction moratoriums, and with most states having lockdowns, many tenants were unable to work.
Fast forward to May 2021, the lockdowns have ended, more people are getting vaccinated for COVID-19, and people are going back to work again, so it’s easy to see how a landlord can be optimistic for the future.
Rent growth has been positive in all gateway markets as well, especially in Los Angles, where we’ve seen rents grow by 0.1 percent over the last three months. This is also a sign of positive economic recovery, because anytime we see gateway market rent growth, this means that economic conditions in our nation’s cities are improving.
Besides positive rent growth in Los Angeles, California’s Inland Empire continued to see excellent rent growth; with Sacramento and San Jose, continuing to be two of the hottest cities for rent growth in California.
Lack Of Supply Could Be An Issue In 2021
Supply vs. Demand is always a major concern for the rental market, especially in Los Angeles, where there is a supply of just 1.4 months in the Los Angeles metro area.
Despite supply concerns, it’s exciting to see the rental market recovering especially since most ‘mom and pop’ landlords who were hard hit during COVID-19 are finally able to get back on their feet financially.
Contact MW Real Estate Group
Regardless if you own one multifamily property in Los Angles or a portfolio of income properties, now is the time to hire a professional property manager to manage those properties for you.
At MW Real Estate Group, we can help you with all of your brokerage and property management needs.
To learn more about the property management services that we can offer you, contact us today by calling (213) 924-2117 or click here to connect with us online.