Amherst in the News

Rental Velocity and Rent Growth Remains Strong

Data Analytics | 28 Jun 2020

Since the COVID-19 crisis began, the number of listings with price reductions has gone down across all cities compared to the same period in 2019. This may be due to homes being delisted or not listed at all as some homeowners would rather delist than reduce price by 10%. In the event of a price reduction, the avg. reduction in recent weeks is nearly twice as large as a year ago:6.2% in 2020 vs. 3.6%in 2019 for week ending April 18th. In the past two months, we have seen an acceleration in rent growth – May growth was on par with 2019 levels and June growth is both stronger than 2019 and 2020 budgeted expectations. Driving the performance in top line revenue has been consistently strong renewal rent growth in the first half of 2020 and a substantial increase in QoQ occupancy levels.




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