Yardi Says Impact from Pandemic Tightening Its Grip on Economy

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.”

 

Click here to read the full report at Yardi.com.

 

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