Recent studies of the multifamily market tend to report that rents are falling in many areas and vacancies are slightly higher. A new study from YardiMatrix shows much the same thing. But it says looking at the sector from a short-term perspective distorts the picture, producing “a myopic result.”

“Rent declines in some markets in recent months pale when viewed next to the growth since the start of the pandemic,” the report stated. Noting that the average U.S. asking rent fell $6 to $1,713 in November, it pointed out that this level is 23.5% higher than it was when Covid started spreading in March 2020.

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