As more renters stay put, apartment retention breaks records, but revenue suffers

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Many renters are holding off on moving through the pandemic

HousingWire (May 12, 2020) -- During the height of the pandemic in April, apartment retention in the U.S. hit a record high, as renters were unwilling or unable to relocate, according to RealPage.

Of those renters with leases expiring in April, 57.9% decided to stay put.

But higher retention rates didn’t mean rent revenues saw the same bounce, growing a slight 2.73% year over year through April, which RealPage said is the lowest rate since February 2011. This is due to the fact that landlords didn’t capitalize on renewal demand.

Read more at: HousingWire

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