OC Apartment Brokers
SoCal Multifamily Sales Pulse - January 4, 2021 - January 10, 2021
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Here's What's Happening In The Market, Here’s What This Means For You
More than 76 percent of U.S. rental households have made rent payments as of Jan. 6, according to a just-released report on rent collections from the National Multifamily Housing Council. The latest figures come on the heels of recent federal relief measures including stimulus checks, emergency rent relief and an extension of the CDC's eviction moratorium. According to the study, 76.6 percent of rental households made full or partial rent payments by Jan. 6, a 1.7 percent decrease from the same time period last year and a 1.2 percent increase from the same time period last month, when 75.4 percent of renters had made payments by Dec. 6.
As the COVID-19 battle moves into its second year, a survey of multifamily industry leaders said timely rent payment was the most challenging issue of 2020. Optimism about rent growth and the overall economy dropped to the lowest levels in a decade.
Optimism for the national economy for the next 12 months dropped to 3.0, down from 3.7 in 2019 and the lowest outlook since 2010, according to the survey of senior-level and onsite multifamily personnel that began in 2008.
Orange County
There were 15 Closed Sales last week in Orange County. This is about the average number of sales per week in Orange County, so no change there. Most of the stats held steady for the week and overall things were pretty consistent with numbers being similar to week's past, prior to the holidays. Orange County multifamily activity can be relied upon to be one of the most in-demand areas for sales and listings in all of Southern California. If priced right, we typically see properties listed and into escrow within 30-60 days.
Southern California
Long Beach multifamily sales last week were very close to the prior shortened holiday week of Christmas and New Years'. There were 8 Closed Sales last week and 8 Closed Sales the prior holiday week. Might be something to watch to see if demand and activity in Long Beach diminish over the next few weeks. But I'd be surprised if sales don't pick back up as we move through the months of January and February.
