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 keeping existing residents allows all new leases signed to contribute toward net absorption of units occupied.
Even beyond the past two years, renewals have trended up long-term. In fact, before the pandemic, the category averaged 50.7% nationwide. That rate inched up to 52.8% in early 2020 and then topped out at 57% in mid-2022 after COVID-era lockdowns that caused many residents to re-sign leases by default.
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