In a case of the glass remaining more than half full even if it emptied slightly, apartment lease renewal rates remained above 50% in April, according to MPF Research. The 52.2% renewal rate among expiring leases last month, down 290 basis points from the 10-year high seen in February and 70 bps from the year-ago period, represented only the third Y-O-Y decline in the past 36 months.
“Declining renewal rates had been expected with so much new supply hitting the market, pulling some renters out of existing top-tier properties,” says Jay Parsons, VP of MPF Research. “And the overall renewal retention rate in April was still quite high relative to the norms.”
Read more...MF Renewal Rates Dip But Stay Strong | GlobeSt.com