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2021 Q1 Multifamily Market Report

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As we roll into 2021, we look at a year in review of a tumultuous, bifurcated 2020. The Grand Rapids market has largely been known as a low beta market compared to the multifamily market in the US, and it continued to prove such in 2020. The Grand Rapids market was the 12th strongest market for rent growth, with a YoY increase of 4.76%, and a 5 year average of 4.32%. Nationally, rent growth fell -0.8% in 2020, however, there was a large variation between metros as high-gateway markets like San Francisco (-9.4%) struggled the most while the Midwest, Sunbelt, Southwest, and Mid-Atlantic regions saw modest growth. The pandemic accelerated the trend of Millennials beginning to settle down and buy houses in suburban markets as well as accelerating the work-from-home trend that many have come to know and love & vice versa. Close to 10 months into the largest global pandemic and economic disruption, the economy reflects much of the same story as the rental market - the economy is bifurcated. Weekly jobless claims remain elevated as new unemployment claims have topped the 2009 peak every week since March while on the other hand, the equity markets are continuing to reach all time highs. 

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2021 Q1 Multifamily Market Report

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