Apartment Renters are Renewing Leases at Historically High Levels via Property Management Insider

U.S. apartment renters are increasingly choosing to stay put rather than move up to new apartments, move down to cheaper units or move out to buy homes. Apartment resident retention rates hit a decade-high in February 2015, continuing a five-year upward trend.

Apartment lease renewal conversion hit a long-term high of 54.5% in February. Stated another way, only 45.5% of apartment renters with expiring leases chose to move out, according to an MPF Research analysis of actual lease transactions recorded in RealPage Inc.’s industry-leading apartment operations software. The lease renewal conversion data also accounts for early move-outs – meaning that renters who moved out prior to lease expiration are treated as non-renewals.

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