The BPC Report: 4Q2020
• The average PPSF went up by more than 8% in Q4 2020, making only a 7% decrease from Q4 2019.
• One-bedrooms continued to be the most popular sized units, compared to studio apartments which showed no sales in Q4 2020.
• Two-bedroom apartments had the largest increase in average price, up over 12% from Q4 2019.
• As tenants took advantage of the reduced rents, the number of rented units increased. In all of 2020, only 11% fewer apartments were rented than over the year in 2019.
• While studios had the fewest number of units rented in Q4 2020, there was a significant increase from Q4 2019 of over 152%.
• The average rent for a studio apartment dropped 22% YoY, from $3,296 to $2,569.