Multifamily Resident Retention Special Report

Amid new supply pressure, renewal leasing sustaining rent gains. A wave of construction has tempered U.S. apartment rent growth to its lowest level since 2010, excluding the 2020 pandemic disruption. The slowdown is most noticeable for move-ins, where rents for new leases signed in the second quarter of this year came in at 0.9 percent above the same point last year, and well below the long-term average. Price bumps for renewal leases were more resilient, at roughly four times the rate of growth. Resident retention at lease expiration, then, is a top priority for multifamily owners and operators.