15 Jun Multifamily Rents Continue To Rise Nationwide
Thanks to a recent report from Apartment List, we know that multifamily rents are on the rise nationwide, especially during April and May, where rents increased by 2.3 percent.
This is encouraging news, and a sign that the multifamily market is heading in the right direction after the rent declines that occurred during the height of the Pandemic.
Why are multifamily rents increasing?
Some of the reasons include the fact that more people who left cities like Los Angeles, San Francisco, and New York are coming back to the big cities to resume their lives after COVID-19. Other people are coming back because cities like Hemet, Sun City, Perris, Banning, Stockton, Modesto and Sacramento are now becoming more expensive.
Will 2021 Continue To Be A Rebound Year?
Will we continue to see multifamily rents increase for the remainder of 2021? This is a question that most owners want to know, especially since we’re in the middle of another year.
The answer to this question is most likely yes, especially since vaccine distribution nationwide has made it possible for businesses to reopen and statewide economies to start flourishing once again.
In California, our state leads the nation with the fastest growing economy and the best GDP in the nation. This is good news for everyone, especially for multifamily owners, because it means that more renters will have the ability to pay their rents on time and the multifamily market is finally getting back to where it was before COVID-19.
How Has COVID-19 Changed The Multifamily Market?
Even though life is slowly returning to normal for the multifamily market, the reality is that not all renters are going to be returning to work as they were before the start of the Pandemic.
Many renters who were able to work from home during the Pandemic will continue to do so because they like the work-life balance (and no commute) that working from home offers them.
For multifamily owners, this means that they must continue to focus on offering onsite amenities that will be especially attractive to work from home tenants.
Amenities like on-site conference rooms, reliable cell reception, high-speed internet, and a dedicated workspace are all going to be things that remote workers will be looking for.
Contact MW Real Estate Group
At MW Real Estate Group, we specialize in managing multifamily properties in Los Angeles.
You can count on us to provide you with top-of-the-line property management services that will save you the time, money, and hassle of having to manage your properties yourself.
To learn more about the services that we can offer you, contact us today by calling (213) 924-2117 or click here to connect with us online.