What's Driving 2021's Crazy Hot Rental Market?
One year after COVID-19 lockdowns temporarily shut down most leasing activities, the U.S. rental housing market is suddenly on an unprecedented hot streak. Industry veterans say they haven’t seen anything like this in decades. The streak in the for-sale housing market has now reached the rental housing market—for apartments and single-family rentals. Both occupancy and rent growth across the country will likely hit record highs in the coming months. Many individual metros have already broken records, with dozens now posting double-digit rent hikes.
What is driving the craziness and how long can this wild ride continue? Join RealPage VP and Deputy Chief Economist Jay Parsons and Chief Economist Greg Willett for this timely webcast. They’ll share the latest trends, explain what’s driving the big numbers, discuss the latest outlook, and address burning questions that include:
- What’s behind the big demand for rentals and how long can it continue?
- How did rent growth levels accelerate so quickly in so many markets?
- What markets and product classes are leading the way—and which are still lagging?
- Has the hot streak spread to hard-hit coastal gateway cities and downtown neighborhoods?
- How much further can this wild ride go and what headwinds might slow it down?
- What will be the impact on apartment development and acquisition trends in 2021?
Jay Parsons is RealPage’s Deputy Chief Economist and Vice President of Asset Optimization. Jay has been in the multifamily housing industry for more than a decade, and works across market research and forecasting, revenue management, business intelligence, as well as multi-dimensional optimization across pricing, marketing, leasing and risk management. He has provided commentary on CNBC and in the Wall Street Journal. His writings and research have been published by the Pension Real Estate Association, the Mortgage Bankers Association, the National Apartment Association, American Banker, GlobeSt and Multifamily Executive. Jay is also a frequent speaker at events and conference, including the National Multifamily Housing Council, NAIOP, NAA and ULI.
Greg WillettChief Economist, RealPage, Inc.
Greg facilitates the alignment of the firm’s technology and analytics solutions with rental housing sector needs and opportunities. He is well versed on rental housing market fundamentals and activity nationally, by metro and in individual neighborhoods. Greg is active in industry organizations such as the National Multifamily Housing Council, the Urban Land Institute and the National Apartment Association. He provides commentary for national and local business media.