National Rent Growth Levels Hit Record Highs

Apartment market rent growth levels hit new highs in April 2015, according to MPF Research. Record growth levels were seen for both new resident and renewals, with national total rent growth at 6.1% — well above the previous 5.3% peak in 2011.

Rents for new leases increased 7.8% — meaning new residents paid, on average, 7.8% more than the previous occupants of their units — while rents for renewals jumped 5%.

Renters historically look to relocate in the spring, and an impressive start to the peak-leasing season could point to another successful year for the apartment industry. Apartment demand is high going into Q2 despite rising rents and record levels of new supply in markets nationwide, and resident turnover remains low.

Renewal conversion rates — the share of expiring leases being renewed — came in at 53.9% in April, up 0.9% year-over-year, while occupancy rates remain in the 95.5% range.

Read more at PropertyManagementInsider.com