Value of Landlord Concessions Reached Pandemic Peak in January and Doubled Year Over Year
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Latest Report from MRI Software Tracks Effects of COVID-19 On Market-Rate Housing Throughout the U.S.
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SOLON, Ohio, Feb. 11, 2021 /PRNewswire/ -- Landlords' efforts to maintain occupancy during COVID-19 led to a significant jump in concession values during January, according to the latest report from Proptech firm MRI Software ("MRI"). The January total far exceeds the values measured during other months of the pandemic, and it is double the total of January 2020.
The firm's newest report compiles data from more than one million market-rate units (a subset of the total units managed by MRI clients) between January 2020 and January 2021. Analysis includes both year-over-year (YOY) and month-over-month comparisons.
- Landlords offered lower rental pricing in conjunction with the increased concessions. New-lease pricing for terms of 8-14 months decreased by 2% YOY.
- Move-in volumes outpaced move-outs for the sixth month in a row. Move-out volume during January was only 64% of the prior year.
- Rates of card usage for rent payments have decreased since the summer months. In December and January, the rate was 26%. The August rate was 33%.
"These findings are positive, says Brian Zrimsek, Industry Principal, MRI Software. "They reflect sound strategies by landlords, who want to keep occupancy rates high during this period of economic distress, which will not last forever. And the landlords are achieving their occupancy objectives, as our report shows."
He continues: "I'm also reassured by the decline in the use of card payments for rent. Although I expect more and more tenants to adopt online and app-based rent payments in the coming months, the summer rates made me concerned that tenants were amassing credit card debt in order to pay rent. My takeaway is that tenants are prioritizing housing but trying to be financially responsible at the same time."
About MRI SoftwareMRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
(U.S. for MRI) Rachel Antman (+1 212-362-5837)firstname.lastname@example.org
(U.K.) Platform Communications for MRIZoe Mumba (+44 7725 832393)or Hugh Filman (+44 7905 044850)email@example.com
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SOURCE MRI Software
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