US apartment renters are opting to renew their leases at a higher rate than in the past. More than 54% of renters in market-rate apartments renewed their leases during the year ended October, up 120 basis points from last year, according to a RealPage study.
As apartment supply levels reach record levels across the country, operators have pivoted to focus increasingly on retention over the past two years, said RealPage. The firm said retaining existing residents allows all new leases signed to contribute toward net absorption of units occupied.
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