Top 5: Q1 2021 Net Rent Gain

The opening quarter of 2021 is in the books and spring is officially here. First quarter multifamily performance will be the topic of this month’s upcoming ALN newsletter, but in the meantime, this edition of Top 5 includes the top five markets in average net rent per unit gain for the quarter. Additionally, the five markets with the strongest net rent gain among only large markets will be spotlighted. 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 – All Markets

  1. Lake Charles, LA (+6.9%)
  2. Miami, FL (+5.4%)
  3. Boise, ID (+4.9%)
  4. Fort Myers – Naples, FL (+4.1%)
  5. Melbourne, FL (4.0%)

Top 5 – Large Markets

  1. San Bernardino – Riverside, CA (+3.8%)
  2. Tampa, FL (+3.4%)
  3. Phoenix, AZ (+2.7%)
  4. Atlanta, GA (+2.5%)
  5. Austin, TX (+2.5%)

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