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Since shelter-in-place ordinances began in February 2020, most condo markets have suffered a decline in transaction volume, and while median prices have remained close to pre-COVID levels, sales volume reductions indicate potential price declines.
New data tracked a significant decline in households paying rent, which comes on the heels of other research highlighting distress in the multifamily segment.
Both move-in and move-out rates in August lagged 2019 activity in a time of uncertainty, and more tenants used credit cards to pay rent, according to MRI Software's monthly report.