Multifamily Leasing Performance in August Exceeded Pre-Pandemic Levels
SOLON, Ohio, Sept. 22, 2021 /PRNewswire/ -- The latest report from Proptech firm MRI Software (“MRI”) shows a strong recovery in multifamily leasing in August 2021 compared not only to the prior year, but also to August 2019 (the pre-pandemic baseline).
Highlights of the report, based on data from one million market-rate units across three consecutive Augusts, include:
- Pricing increased 11% between 2020 and 2021 and 7% between the baseline and 2021.
- Traffic increased 18% between 2020 and 2021 and 38% between the baseline and 2021.
- Move-in volumes increased 16% between 2020 and 2021, down only 4% from the baseline.
- Renewal volumes increased 5% between 2020 and 2021, down only 7% from the baseline.
- Move-outs have decreased 13% between 2020 and 2021 and 30% between the baseline and 2021, fueling the tightening of supply.
Not every metric was positive, however. “Although concession volume has stabilized, the average concession value has remained high,” notes Brian Zrimsek, Industry Principal, MRI Software. “Furthermore, through MRI’s participation in the NMHC’s Rent Payment Tracker initiative, we know that ontime payment performance continues to erode, and that 8.5% of the delinquent rents are more than six months in arrears.”
MRI’s Market Insights team has also been tracking technology adoption, which has risen significantly throughout the pandemic. For example, the use of online applications was 26% percent higher in 2021 than in 2020 and more than double that of the baseline volume. Online payments, meanwhile, increased by 15% between 2020 and 2021. “These findings don’t surprise me,” says Zrimsek. “We find again and again that once people adopt technology, they don’t revert to ‘offline’ practices.”
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
(U.S. for MRI)
Rachel Antman (+1 212 362 5837)
(EMEA for MRI)
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
(ANZ for MRI)
Heather Jones (+61 400 394 669)
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SOURCE MRI Software