Latest Report from MRI Software Tracks Effects of COVID-19 on Market-Rate Housing Throughout the U.S.
Solon, Ohio – April 13, 2021 – Owners and managers of market-rate rental housing have reason to be optimistic, according to the latest report from Proptech firm MRI Software (“MRI”). During the month of March, traffic exceeded the peaks of Summer 2020 while lease pricing continued to improve and the volume and value of concessions dropped substantially,
MRI’s newest report compiles data from more than one million market-rate units (a subset of the total units managed by MRI clients) between March 2020 and March 2021. Analysis includes both year-over-year (YOY) and month-over-month comparisons.
Details and Highlights:
- Traffic exceeded the peak volumes of last summer (typically the busy season), indicating rising demand. Along with the increase in traffic came an increase in application volumes – the highest since July of 2020.
- Lease pricing has stayed consistent over recent months and is nearing the pre-pandemic levels of February 2020.
- Following two months of record highs, concessions dropped significantly – 14% in amount and by 11% in volume.
“These findings inspire optimism at a time when things are already looking up: Unemployment has dropped and the vaccine rollout is progressing rapidly,” says Brian Zrimsek, Industry Principal, MRI Software. “That said, it’s premature to celebrate. I remain concerned about statistics from the NMHC Rent Payment Tracker, which has shown a gradual decline in payments over the past 12 months and a drop of 4.4 points YOY in March.
“Nevertheless, it seems that landlords will be well positioned to capitalize on the traditionally busy summer months. The market’s recovery may be — at long last — in sight.”
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the Proptech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
(U.S. for MRI)
Rachel Antman (+1 212-362-5837)
(U.K.) Platform Communications for MRI
Zoe Mumba (+44 7725 832393)
or Hugh Filman (+44 7905 044850)