Key points:

-Following a strong start to 2020, the COVID-19 lockdown stopped the residential investment market in its tracks and we expect weaker investment volumes this year

-However, the countercyclical nature of the private rental sector will ensure demand for multifamily housing remains robust

-The sectors resilience was illustrated in previous downturns when rents in multifamily housing fell less and recovered quicker than other asset classes

-As a result, we expect the market to swiftly return to growth in 2021