CARROLLTON, TX—February's renewal rate among apartment tenantswas the highest nationally in 10-years, MPF Research says. Theincreasing renewal rate, with 55.1% of renters choosing to re-uplast month, comes even as rents continue increasing and more newproduct becomes available.
Tenants who chose to renew their expiring leases in February sawan average rent increase of 5%, according to MPF, which analyzedlease transaction data from parent company RealPage Inc. “Wecontinue to see no evidence of affordability concerns among rentersof market-rate, professionally managed apartments,” says JayParsons, VP of MPF Research. “Renters are increasingly choosing torenew their leases and are paying a premium to do so.”
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