Despite rents continuing to rise throughout much of 2018, renters are choosing to remain in the same apartment more than they ever have before, even if their rent goes up.
In fact, a new report from RealPage shows that apartment resident retention (renters electing to renew their lease after its initial term expires) hit an all-time high last year, with nearly 53% of renters choosing to renew their leases.
According to RealPage’s report, apartment resident retention jumped to 52.5% last year, meaning that in the country’s 50 largest markets, when renters’ initial leases came up from renewal, 52.5% of them chose to renew.
That’s an all-time high for resident retention rate, climbing from 51.7% in 2017, and besting the previous high, which was set in 2015.
The increase in renters staying in place is in spite of rents rising. According to RealPage’s report, the renters who chose to renew their leases did so at rents that were 4.5% higher on average than their initial rent.
So, people’s rent is going…