Multifamily fundamentals are projected to follow a similar shape as the U.S. economy over the next two years: a sharp downturn followed by a quick recovery. Vacancy is expected to rise 3.1 percentage points and fully recover a year later. Rents are projected to drop 8.1% in 2020 and fully recover by Q1 2022.

Multifamily leasing froze at the onset of COVID-19 in March, but regained momentum by late April. Federal stimulus measures, along with eviction moratoriums and rent deferment plans, have held vacancy to a modest increase from March to May.

To read a more detailed viewpoint of the multifamily trends forecast, visit the report linked below.