Apartment Renewal Lease Rent Growth Leaders and Laggards
What happens with apartment renters when initial leases expire? During the past year, a slight majority – 52% across the nation’s 50 largest markets – have opted to stay in place and sign renewal leases. On average, those renewal leases are at prices 4.6% higher than initial rents. Las Vegas is the spot where renewal lease price growth is highest. Renters there are paying 6% more on average to remain in the same apartment. Renewal lease price growth runs just a hair under 6% in Sacramento, Tampa, Phoenix and San Diego. Renewal lease prices have climbed more modestly during the past year in slower-growth economies, particularly those in the Midwest. Bargain markets for renewal leases, all registering prices up roughly 3%, are Virginia Beach, Pittsburgh, Milwaukee, Indianapolis and Cleveland.