An article written by Jay Parsons, about the increasing rate of U.S. apartment renters choosing to stay in their current unit rather than move to another apartment, move down to cheaper units or buy homes.
According to an MPF Research analysis of leases recorded using RealPage Inc.’s software, U.S. apartment renters were renewing their leases with a renewal conversion rate of 54.5% in February of this year. This is particularly interesting since new apartment supply is plentiful and rents are increasing.
Some interesting questions from this article such as:
Will strong rent growth lead renters to look for cheaper accommodations?
Is there risk of overbuilding?
Can renewal conversion rates continue to climb?
Is renewal conversion higher in urban or suburban areas?
Read full article here: https://www.propertymanagementinsider.com/apartment-renters-renewing-leases-historically-high-levels
