Both lease expirations and vacancy rates among single-family rental securitizations showed continued improvement in December 2017, according to the latest data from Morningstar Credit Ratings, LLC.

According to Morningstar, single-borrower, single-family rental lease expirations declined for the second consecutive month, dropping from 5.2 percent in November to 4.5 percent in December. The vacancy rate also continued a downward slide for the second month running, sliding from 5.6 percent in November to 5.2 percent in December. This fits with long-established trends, as typically renters are less likely to move during the winter months. Rents were up 2.4 percent in December, after increasing 2.7 percent in November.

The retention rate for expiring leases dipped slightly, hitting 78.0 percent in November 2017 (which is the most recent data available, according to Morningstar). That’s down slightly from the…