As people relocated during the pandemic, median rents sored in cheaper U.S. counties where residents tent to earn less, according to Zumper.
Markets including Dallas, Atlanta and Phoenix have become hot plays for apartment investors while they wait for some of the top urban markets to recover.
The Consumer Financial Protection Bureau estimates 1.7 million consumers will exit U.S. forbearance relief programs in September.
Debt capital remains available for stabilized properties and financing volume will continue to increase as the outlook for many subsectors has brightened.
The freefall is over, but it might take a few years for urban apartments to fully return to their pre-pandemic form.
The average sale price of an apartment in the city was 1.2 percent above its October low, as vaccine rollout continued.
These markets saw the strongest net absorption of apartment units in 2020, even amid a pandemic.
Between direct payments and renter aid, the American Rescue Plan Act is providing a needed boost to struggling apartment dwellers and landlords.