Apartment resident retention rates went on a wild ride during the course of the past year or so, but the ability to hold onto renters at lease expiration now is returning to more typical levels for the country as a whole.
Looking at what happened for leases that expired in 1st quarter 2021, 53.7% of households opted to stay in place, rather than move. That figure exactly matches results seen when averaging the share of households renewing their leases in the initial quarters of 2018, 2019 and 2020.
Earlier, resident retention levels at lease expiration had moved drastically, reflecting the impacts of COVID-19 on household living preferences and the resulting shifts in apartment pricing that occurred in the market.
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