Most apartment operators intend to hold rents at their current level for renewal leases signed amid the COVID-19 outbreak, according to more than 1,000 industry professionals polled during a recent RealPage webcast on the coronavirus’ impact on the apartment industry. While the responses were mixed, about 53% said they would keep renewal pricing flat, giving renters the opportunity to stay where they are without the burden of increased rates. Nearly 28% said they would raise rents to cover operating costs, but they would limit that increase to less than 2%. Roughly 17% of operators said they would operate as usual, setting renewal rates as they normally would in times of high retention. Less than 3% said they would cut rents on renewal leases. Renewal retention is expected to rise in the near term, as renters remain in place until pandemic restrictions are lifted.
Most Operators Won’t Raise Renewal Pricing: Poll
