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National & Regional Multifamily Market Report: 2019 vs 2020

National & Regional Multifamily Market Report: 2019 vs 2020

January 25, 2021


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The Multifamily Firm team pulled the latest multifamily real estate data and unemployment statistics for 2019 / 2020 in order to give perspective to the current state of the market and where it is heading.

The theme of 2020 is rather redundant at this point, as the tragic pandemic took hold and created unforeseen turbulence in economic markets around the world. The full effect of its presence remains to be seen in many ways; however, the immediate impact is evident in the statistics below. There weren’t any multifamily markets that were untouched, as sales dropped year-over-year by as much as 45% – 70% and beyond for some specific markets.

“Despite the pause of transactions caused by the pandemic shutdowns, the Florida Multifamily market appears to have bounced back even stronger than the period prior! In many ways this is the golden age of Multifamily in Florida, as interest rates remain at historic lows and investors continue to search for stable yield outside of the stock. Furthermore, the pandemic has ignited a surge in migration to Florida, mostly from more densely populated regions in the US, which has substantially helped support the rental market.
The main concern we heard from owners and investors during the peak of the pandemic was whether the rental market would hold up and essentially if tenants would be able to pay rent. Despite the shutdown months back in March/April, rent collections remained solid (90% or higher) for the months following and far exceeded what was expected at the time!
It’s as if the Florida Multifamily market was tested on its resiliency and it passed beautifully! The time period we’re seeing now is investors realizing that resiliency, which is now causing even higher demand in the segment!” – Phil Ginexi, Managing Director & Co-Founder of The Multifamily Firm

The multifamily real estate statistics below have been broken down by region, metro size, top metros, and unemployment rates in the top metropolitan areas nationwide.

 

Multifamily Transactions by Region: 2019 vs 2020

National

2019: $127,762M
2020:
$50,603M
% Change Year-Over-Year:
-41.6%

Southeast

2019: $44,750M
2020:
$20,532M
% Change Year-Over-Year:
-34.1%

Northeast

2019: $13,340M
2020:
$3,898M
% Change Year-Over-Year:
-34.1%

Midwest

2019: $9,278M
2020:
$4,221M
% Change Year-Over-Year:
-32.6%

West

2019: $34,900M
2020:
$11,099M
% Change Year-Over-Year:
-51%

Southwest

2019: $25,495M
2020:
$10,853M
% Change Year-Over-Year:
-39.7%

 

Multifamily Transactions by Metro Size: 2019 vs 2020

National

2019: $127,762M
2020:
$50,603M
% Change Year-Over-Year:
-41.6%

Southeast

2019: $44,750M
2020:
$20,532M
% Change Year-Over-Year:
-34.1%

Gateway

2019: $26,030M
2020:
$28,166M
% Change Year-Over-Year:
-44.5%

Secondary

2019: $74,030M
2020:
$28,166M
% Change Year-Over-Year:
-44.5%

Tertiary

2019: $27,055M
2020:
$13,140M
% Change Year-Over-Year:
-29.2%

Multifamily Transactions by Urban / Metro: 2019 vs 2020

Urban

2019: $75,553M
2020:
$29,735M
% Change Year-Over-Year:
-41%

Suburban

2019: $52,187M
2020:
$20,708M
% Change Year-Over-Year:
-42.8%

Multifamily Transactions Top-10 Metros: 2019 vs 2020

National

2019: $127,762M
2020:
$50,603M
% Change Year-Over-Year:
-41.6%

1) New York

2019: $3,265M
2020:
$936M
% Change Year-Over-Year:
-51%

2) Los Angeles

2019: $4,924M
2020:
$1,172M
% Change Year-Over-Year:
-65.8%

3) Chicago

2019: $2,787M
2020:
$783M
% Change Year-Over-Year:
-49.5%

4) Dallas 

2019: $6,321M
2020:
$2,591M
% Change Year-Over-Year:
-40.7%

5) Houston

2019: $4,844M
2020:
$1,683M
% Change Year-Over-Year:
-48.4%

6) Washington DC

2019: $6,295M
2020:
$3,502M
% Change Year-Over-Year:
-15%

7) Miami

2019: $2,838M
2020:
$1,267M
% Change Year-Over-Year:
-43.5%

8) Philadelphia

2019: $1,707M
2020:
$339M
% Change Year-Over-Year:
-74.9%

9) Atlanta

2019: $7,767M
2020:
$2,805M
% Change Year-Over-Year:
-48.3%

10) Phoenix

2019: $7,323M
2020:
$2,788M
% Change Year-Over-Year:
-50.6%

Multifamily Employment Top-10 Metros: February 2020 vs September 2020

National

Unemployment Rate (Sep 2020): 7.9%

1) New York

Feb 2020: 7,310,300
Sept 2020:
6,423,800 
% Change:
-12.1%

2) Los Angeles

Feb 2020: 4,632,600
Sept 2020:
4,139,600
% Change:
-10.6%

3) Chicago

Feb 2020: 4,779,100
Sept 2020:
4,427,900
% Change:
-7.3%

4) Dallas 

Feb 2020: 2,747,100
Sept 2020:
2,637,100
% Change:
-4%

5) Houston

Feb 2020: 3,220,600 
Sept 2020: 
3,003,200
% Change:
-6.8%

6) Washington DC

Feb 2020: 3,393,900 
Sept 2020:
3,163,700
% Change:
-6.8%

7) Miami

Feb 2020: 1,222,900
Sept 2020:
1,141,000
% Change:
-6.7%

8) Philadelphia

Feb 2020: 3,183,600
Sept 2020:
2,947,600
% Change:
-7.4%

9) Atlanta

Feb 2020: 2,881,700
Sept 2020:
2,128,000
% Change:
-4.2%

10) Phoenix

Feb 2020: 2,221,600
Sept 2020:
2,128,000
% Change:
-4.2%

Data Sources: The Multifamily Firm & Yardi Matrix

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