By Paul Bubny | GlobeSt.com
February’s renewal rate among apartment tenants was the highest nationally in 10-years, MPF Research says. The increasing renewal rate, with 55.1% of renters choosing to re-up last month, comes even as rents continue increasing and more new product becomes available.
Tenants who chose to renew their expiring leases in February saw an average rent increase of 5%, according to MPF, which analyzed lease transaction data from parent company RealPage Inc. “We continue to see no evidence of affordability concerns among renters of market-rate, professionally managed apartments,” says Jay Parsons, VP of MPF Research. “Renters are increasingly choosing to renew their leases and are paying a premium to do so.”