Even as apartment rents continue to climb, so do owners’ retention rates. MPF Research said 51.1% of renters whose leases were set to expire last month chose to renew rather than move out, a 300-basis point increase from August 2014. Those renewals included an average 5.4% increase in monthly rent, according to Carrollton, TX-based MPF, based on an analysis of data from parent company RealPage Inc.
The August rent increase was the largest for renewals in nearly 10 years, MPF says. More than 50% of apartment tenants have chosen to renew over the past 20 months. Prior to 2010, the renewal rate tended to fall within the mid-40% range.
Read more...More Apt. Tenants Opt to Renew - Daily News Article - GlobeSt.com