Matrix Multifamily Concessions Bulletin-January 2021 February 01, 2021

Concessions’ Rise and Fall Point to Market Reset

Multifamily concessions rose sharply in the spring and fall of 2020 as multifamily demand waned due to job losses and social distancing measures. The impact was felt most in high-cost gateway markets, while secondary and tertiary markets benefited from the shift in demand. Concessions declined in the fourth quarter, raising possibilities that demand is recovering or rents are being reset.