A commercial real estate services company is reporting seeingthat landlords of multifamily property are seeing turnover fall tothe lower levels in more than 20 years.
According to a report by CBRE, turnover, which is the percentageof total rented units that are not renewed each year, fell from47.5 % in 2019 to 42.1 % in April. The report attributes thedecline to historical trends that have been exacerbated due tothe coronavirus pandemic.
"The continuing long-term decline in turnover has acceleratedrecently due fewer tenants moving because of the COVID-19 economicdownturn," the report said.
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Max Mitchell
Max Mitchell is ALM's Regional Managing Editor for The Legal Intelligencer, New Jersey Law Journal, Delaware Business Court Insider and Delaware Law Weekly. Follow him on Twitter @MMitchellTLI. His email is [email protected].
