News April 12, 2022

Multifamily Market Shakes Off Lingering Effects of Pandemic as Rents Rise and Concessions Fall in Advance of Summer Season

By MRI Software

Latest Report from MRI Software Indicates Full Recovery from Recent Headwinds

Solon, Ohio – April 12, 2022 – The effects of the pandemic on the multifamily market are hardly noticeable in recent data from PropTech firm MRI Software (“MRI”). The firm’s latest report shows significant increases in rent pricing for new leases in combination with substantial decreases in concessions.

Highlights of the report, based on data from one million market-rate units since January of 2019, include:

  • New lease pricing has risen by approximately 20% over the past eight months.
  • Concession volumes have returned to pre-pandemic levels.
  • The gap between price points for new leases and renewals increased significantly in recent months but it is likely to narrow soon as demand for units continues to far outweigh supply.
  • On-time payment performance has rebounded in recent months, nearing pre-pandemic levels.

“It’s already a landlord’s market,” says Brian Zrimsek, Industry Principal, MRI Software. “And we’re about to enter the summer season, which traditionally is the most active and lucrative season for leasing. Given the other market forces we’re experiencing, such as low unemployment, low supply of new housing, and high inflation, we can expect a challenging summer for renters.”

Although the pandemic’s influence on the economy and leasing has waned, its impact on technology adoption is permanent, adds Zrimsek, who notes: “At the outset of the pandemic, the need for social distancing drove renters and landlords to adopt online applications, resident portals, electronic payments, and online service requests. Today, usage of these tools is at an all-time high, enabling property managers and leasing staff to focus on what matters most: providing excellent service to their residents. Thanks to the efficiencies of technology, we can safely assume that these tools are here to stay.”

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.

Media Contacts:
(U.S. for MRI)
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
or Katrina Trantau (+44 7597 163076)
mri@platformcomms.com

(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

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