Top 5: 2020 Net Rent Gain

2020 is (thankfully) in the books. As a preview of ALN’s more in-depth analysis of 2020 multifamily performance in the upcoming monthly newsletter, in this edition of Top 5 we spotlight the top five markets in average net rent per unit gain in 2020 as well as the top five among only large markets. If you are not already subscribed to our complimentary monthly newsletter, be sure to do so with the link below.

Average net rent per unit is a measure that accounts both for occupancy and effective rent to provide a more full picture of the income side of cash flow for a property or group of properties.

The numbers below are derived only from conventional properties of at least 50 units. Another important note is that because net rent is directly impacted by occupancy, the effect of eviction moratoriums and partial rent payments related to COVID-19 adds some noise to this data. Typically, an underlying assumption would be that an occupied unit is generating full rent. That is an assumption that must be taken with a larger grain of salt in the current environment.

Top 5 Markets

  1. Myrtle Beach, SC (+21.2%)
  2. Fayetteville, AR (+11%)
  3. Sioux Falls, ID (+10.7%)
  4. San Bernardino – Riverside, CA (+10.6)
  5. South Bend, IN (+10.5%)

Top 5 Large Markets

  1. San Bernardino – Riverside, CA (+10.6)
  2. Sacramento, CA (+7.8)
  3. Las Vegas, NV (+5.8%)
  4. Phoenix, AZ (+5%)
  5. Cleveland/Akron, OH (+4.9%)

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