Apartment Retention Rates Surge Back Near Lockdown-Era Peaks
The share of renters choosing to renew expiring leases in August 2021 surged 4 percentage points year-over-year, the largest increase on record. That brought the overall retention rate to 57.2%, just shy of the historical peaks set during the height of the lockdowns in April and May 2020. The abrupt snap-back in retention over the last two months marks an abrupt turnaround from a pattern of normalizing retention rates seen since last summer.
What’s driving the rebound?...Read article in its entirety.