Apartment Resident Retention Remains High

Apartment renters continue to renew leases at historically high levels nationally. San Antonio came in last for retention rates among the largest U.S. markets in July, with 42.9% renewals. Salt Lake City was second to last with 46.3%, while Phoenix came in 45th with 47.6%, and Denver ranked 43rd with 48.0% renewals.

However, MPF analysts warn that low retention rates do not necessarily mean poor performance. MPF attributes the low rates to these being younger markets with strong job growth, which often promotes mobility and high turnover. The markets in the bottom 10 for renewals outperformed those in the top 10 for both new lease and renewal rent growth.

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