2021 Residential Review
Searching for residential real estate market research? How about market stats and rental rates for both single family homes and multifamily properties? This proprietary research powered by ERA Brokers covers twelve markets on the I-15 corridor from Las Vegas to the Wasatch Front.
Renting homes in 2020 was anything but normal. COVID-19 set in motion a whole new set of regulations governing collecting rent, showing rentals, and evictions. In some cases, tenants took advantage of the regulations and looked for ways to avoid paying rent. Our portfolio ended the year at 96% occupancy with 94% of rent collected on time. Our management team worked tirelessly on behalf of landlords and tenants to ensure families had a safe place to live and investments were protected. Home prices increased significantly across our markets and rents followed suit. With the rising demand for housing, we expect rents to continue to move higher as home prices continue to rise. Looking ahead in 2021, we expect to see rising rents, although they may not increase as fast as home prices. This will result in the revenue index falling, which is calculated by dividing average rent by median home price. This is consistent with CAP Rate compression, which is expected in commercial real estate markets.
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