A new report from Moody’s Analytics REIS ranks the top 5 and bottom 5 markets for multifamily investment. According to the report, national rents fell an average of .4% in Q2 2020. In cities like San Francisco and New York, rents declined more significantly, and vacancies rose as people working remotely moved to the suburbs, seeking more space and lower rents.

#1 on the top 5 multi-family markets list is Lexington, KY. Lexington continues to see rent growth through the pandemic, with 6% rent growth in the last year.

#1 on the bottom 5 multi-family markets list is San Francisco, CA. Multifamily rents fell 3.3% in Q2, the largest quarter over quarter decline since 2001. The city is also at the top of the list for the worst performing rental markets in the country, with an overall rent decline of 2.7%.