Syracuse Boasts Nation’s Highest Apartment Retention Rate

  in   Insights

Market-rate renters in Syracuse renewed their apartment leases 66.7% of the time over the last 12 months, marking the highest retention rate in the country among the nation’s 150 largest apartment markets. That rate outpaced the national norm of roughly 53% over the same period, according to data from RealPage Market Analytics. Three other small New York markets also ranked among the top 25 for resident retention on a trailing 12-month average hovering around 60%: Buffalo, Rochester and Long Island. No surprise, New York also ranked among this group at #6. However, monthly retention rates fell significantly across all New York small markets with the majority of markets falling to around 50%, likely a reflection of renters taking advantage of warmer summer months to relocate. Meanwhile, occupancy in Syracuse ticked down to 96.6% in August, down 10 basis points (bps) month-over-month and 70 bps year-over-year, still standing well above the U.S. norm of 94.5%.