CARROLLTON, TX—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.”
The retention rate has remained above 50% in each of the past 28 months, MPF says. That compares historically to a renewal rate in the mid- to upper 40s prior to 2010.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
