Inform
RENTAL HOUSING ORGANIZATIONS OFFER PANDEMIC SUPPORT The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM) recently joined forces to launch the COVID-19 Rental Housing Support Initiative, described as “a series of solutions in key support areas to help our industry survive and thrive through the pandemic and beyond.” The project, for which Yardi is a primary sponsor, includes mental health resources and fact-based information on renting, legislative support for the industry, liability information and other tools. Find materials online at covidinitiative.rentalhousingindustry.org. ALN REPORT SHEDS LIGHT ON MARKET TRENDS The recently released Q4 2020 ALN Apartment Data Quarterly Metropolitan Statistical Area (MSA) Report for San Francisco-Oakland-Hayward offers fascinating insights into local population and housing trends. 10 MARCH+APRIL 2021 / EBRHA.COM
A few highlights: •
In the MSA, median household income rose from just over $96,000 per year in 2016 to just over $114,000 per year in 2019. •
The annual change in effective rent (i.e., the monthly rate residents are charged for a 12-month lease, accounting for the available concession package) year over year in the MSA was $2,625 (-7.4%), the largest decrease out of 20 MSAs with similar populations.
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Average effective rents were down in all floor plan types, with the average effective rent for all units at $2,625 for the fourth quarter of 2020. •
35.6% of all units were offering rent concessions; the average was 5.8 weeks free for a one-year lease. •
Class A units had an end occupancy rate of 74.9%, down 15.1%. Class D properties had the least occupancy change with a decrease of 0.3%.
TIM DOUGLAS / PEXELS. OPPOSITE, FROM LEFT: YOANN SILOINE / UNSPLASH; YOMEX OWO / UNSPLASH
INDUSTRY NEWS & MARKET TRENDS
