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Jay Parsns of MPF Research MPF Research’s Jay Parsons, seen here at the recent NMHC Research Forum, says 2016 will be “another strong year” if the momentum continues.

CARROLLTON, TX—In a case of the glass remaining more than half full even if it emptied slightly, apartment lease renewal rates remained above 50% in April, according to MPF Research. The 52.2% renewal rate among expiring leases last month, down 290 basis points from the 10-year high seen in February and 70 bps from the year-ago period, represented only the third Y-O-Y decline in the past 36 months.

“Declining renewal rates had been expected with so much new supply hitting the market, pulling some renters out of existing top-tier properties,” says Jay Parsons, VP of MPF Research. “And the overall renewal retention rate in April was still quite high relative to the norms.”

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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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