Renter Retention at Historic Highs
Renter retention, or the percentage of renters who renew their leases is at a historic high. With shelter in home restrictions over in all states, renters are still choosing to stay in their existing homes in record numbers. While the specific reasons are unclear, the average rent increase on new leases of 17.5% last quarter compared to the average rent increase on renewals of 6.2% for the same period is likely playing a factor in the decision making.
