The multifamily market has been a mixed bag since the start of the pandemic. With working remotely now the new normal, vacancy rates have surged, and rents re-main greatly diminished. Building inventory is up while sales numbers are down.
However, in the 2-4 unit market, the median sale price, price per square foot, and price per unit all remain relatively comparable to last year.
In the 5+ unit sector, there were only 20 sales last quarter. The median cap rate increased while the median sale price and GRM both decreased. Despite the challenges, however, sales continue to happen