Yardi Says Impact from Pandemic Tightening Its Grip on Economy
According to the latest Yardi Matrix, the average U.S. rent in March was $ 1,474 (up $ 6), however they warn that major impacts from the spread of the Cornonavirus will start showing up in April. That being said, Yardi says rents increased 2.9% in March on a year-over-year basis, as rent growth cooled somewhat from the first two months of 2020. But they emphasize that we’ve clearly entered a period of turmoil:
“As unemployment claims eclipse records and government stimulus reaches unseen heights, the question arises: Who will be able to pay rent in the coming months?”
“Both private and public responses to the growing crisis are affecting the multifamily industry, and April 1 is likely to be a bellwether for the months to come. With so many Americans unemployed and the first stimulus checks still likely a month away from being delivered, many apartment renters will be hard-pressed to cover their rent payments.”
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