While it may be a popular belief that rising rents and low interest rates have chased tenants away from institutional apartments and into more affordable rental alternatives or homeownership, the data shows this to be more myth than reality, at least for now.
Along with vacancy, turnover is another way to analyze current market conditions. If a tenant leaves on the first of the month and the apartment is filled 25 days later, the month-end vacancy rate does not change. However, turnover will capture this move-out-indicating that the initial renter may now be at a competing property or has become a homeowner.
Read more...Renters May Be Stickier Than We Thought - CoStar Group