How Elections Impact Lease Renewals in Washington, DC

Election season in Washington, DC doesn't just shape the nation's future – it influences the market's rental housing in subtle yet significant ways. Analyzing monthly data from RealPage Market Analytics between 2010 and 2024 reveals that tenant behavior shifts around election times, offering valuable insights for apartment investors and property managers. During presidential election years, the percentage of renters renewing their leases tends to fluctuate. Notably, there's often a slight dip in renewal rates leading up to elections, likely due to resident uncertainty or an anticipation of administration change. This was observed leading up to election day in 2016 and 2024, when fewer residents elected to stay in place at lease expiration. Conversely, post-election months typically see an uptick in renewals. After the 2016 election, renewal rates increased by roughly 2% from November to January. This pattern suggests that tenants favor stability once the political landscape becomes clearer. Understanding these trends allows property managers and investors to strategize effectively. Offering flexible lease terms or renewal incentives during these periods can align with tenant preferences to optimize performance.