MPF Research'sJay Parsons

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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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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