Pricing for new apartment leases was down 5% in August from the prior year and lease renewals for under 12 months were on the rise, according to a monthly report on Covid-19’s impact on multifamily housing from MRI Software.
The August drop in new lease pricing continues a trend from July, with properties using shorter-term pricing incentives for leases of less than a year. This shows “good expiration management practices” to protect summer 2021 leases and avoid late-year expirations, said the MRI Software report, which is based on data from its property management software users.
Read more...Multifamily Lease Pricing Down As Properties Opt for Shorter-Term Incentives via GlobeSt
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