In the apartment sector, gateway markets have suffered the harshest blow during the pandemic. In large metros, apartment vacancy rates surged and in response, rent rates plummeted—but this year, the tide will likely turn. Research from Freddie Mac expects the apartment market to take the first steps toward recovery this year.

New York and San Francisco had the most severe decreases in occupancy and rent. Rents fell by more than 10% in both markets last year, and vacancy grew by 1.1% in San Francisco and 1.5% in New York. These two markets also suffered steep decreases in employment, with New York suffering 10.4% job loss and San Francisco job loss totaling 7.6%.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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