Rhode Island Multifamily Market Update August 2020

The Rhode Island Market continued to see strong pricing growth in the Multifamily Market for August with another double digit increase. Median Multifamily Pricing was up to $310,000 and inventory is still moving swiftly, with the days on market seasonally inline at 47 days.

A lack of single family housing supply has pushed some of that demand into the Multifamily market, coupled with all time low interest rates has kept demand relatively strong throughout the COVID-19 pandemic.

Sold volumes are still down against 2019, with a 27.1% decline in July followed up by 10.7% decline in August and inventory remains low with only 2.5 months of supply currently on the market. Properties submitted at market pricing are receiving multiple offers within days, though the wave of refinancing has cascaded into longer than usual closings.

On the rental side, The National Multifamily Housing Council is also signally some stress in their Rent Payment Tracker showing a 2.4% decline year on year as of Sept 13, and another 0.7% versus August 13. With the expiry of full federal assistance from the Cares Act starting August , this may be the first month we are seeing the impact of the reduced subsidy, and the impacts being experienced by tenants.

For further information and source data, please visit;

https://www.commercialsold.com/Landlords/multifamily

CommercialSold.com
2 Charles St, Suite 3C
Providence RI 02904

All inquiries attn:
Christopher Lowe
+1-(401)-252-0000

The Commercial Sold Group is part of Keller Williams Leading Edge Commercial Rhode Island providing real estate services to the Rhode Island market, focused on Multifamily, Office and Industrial property.

This release was published on openPR.