As a nation, there are swift changes and action taking place daily as we work through the challenges that the COVID-19 impact is having on the economy, healthcare, employment rates, and ultimately housing. Just this past Thursday, the Department of Labor released a statement citing the highest number of seasonally adjusted weekly unemployment claims in its history coming in at 3,283,000.
This in turn presents a serious challenge for renters and investors alike. CoStar announced this week that asking rent prices nationally have decreased by 0.3%, just since March 10th, which is a sharp contrast to the norm. It indicates in real time how investors are collectively responding to these challenging times by trying to ease the hardships tenets are beginning to face by decreasing rents, or negotiating with tenets to help them find a successful solution to the extreme economic shift.
Here are the top 5 major cities and metros with the current highest decline in rents:
5. Palm Beach County, FL
- Rent Change: - 1.2%
- Percentage of Renter Occupied Housing: 30.52%
- Total City Population: 1,470,338
4. Honolulu, HI
- Rent Change: - 1.3%
- Percentage of Renter Occupied Housing: 18.57%
- Total City Population: 347,397
3. Inland Empire, CA
- Rent Change: - 1.3%
- Percentage of Renter Occupied Housing: 11.13 %
- Total City Population: 4,511,350
2. Las Vegas, NV
- Rent Change: - 1.4%
- Percentage of Renter Occupied Housing: 45.81%
- Total City Population: 2,699,000
1. Orange County, CA
- Rent Change: - 1.8%
- Percentage of Renter Occupied Housing: 42.64%
- Total City Population: 3,190,000
Here are the top 5 major cities and metros with the projected highest decline in rents:
5. Las Vegas, NV
- Projected Severe Recession 2020 Rent Change: - 8%
- Percentage of Renter Occupied Housing: 45.81%
- Total City Population: 2,699,000
4. New Orleans, LA
- Projected Severe Recession 2020 Rent Change: - 8%
- Percentage of Renter Occupied Housing: 37.82%
- Total City Population: 1,167,000
3. East Bay, CA
- Projected Severe Recession 2020 Rent Change: - 8%
- Percentage of Renter Occupied Housing: 45.36%
- Total City Population: 870,044
2. San Jose, CA
- Projected Severe Recession 2020 Rent Change: - 8%
- Percentage of Renter Occupied Housing: 42.82%
- Total City Population: 1,035,000
1. Detroit, MI
- Projected Severe Recession 2020 Rent Change: - 9%
- Percentage of Renter Occupied Housing: 31.11%
- Total City Population: 3,548,000
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About Ellie Perlman
Ellie Perlman is the founder and CEO of Blue Lake Capital, a woman owned multifamily real estate investment firm focused on partnering with family offices and accredited investors to build and preserve generational wealth. Since its founding in 2017, Blue Lake has successfully acquired and operated multifamily assets across high-growth U.S. markets, completing $1B+ in transactions.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
*The content provided on this website, including all downloadable resources, is for informational purposes only and should not be interpreted as financial advice. Furthermore, this material does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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