Market Insights: The impact of COVID-19 on the Multifamily Industry, October 2020

The MRI Software Market Insights team continues to track the impact of the pandemic on the US multifamily sector. This report compares data from January through October 2020 with the same period in 2019 to track year-over-year changes and understand the effect of the disruption on the resident lifecycle.

We track several metrics, notably traffic, applications and move ins, to better understand the state of the industry as we head toward 2021. The continued trend is that residents are still staying in place at a higher rate in 2020 as compared to 2019. As seen in prior months, landlord concession volumes continue to increase and technology adoption is still on the rise, with an increase in online applications, resident portal use and electronic payments.

Download the report to see the trend of several multifamily metrics:

• New lease pricing
• Renewal term length and price
• Concessions continue to rise
• Online application volume increases
• Resident portal usage

Our previous report covering multifamily data through September 2020 is available here.