Many renters are holding off on moving through the pandemic
HousingWire (May 12, 2020) -- During the height of the pandemic in April, apartment retention in the U.S. hit a record high, as renters were unwilling or unable to relocate, according to RealPage.
Of those renters with leases expiring in April, 57.9% decided to stay put.
But higher retention rates didn’t mean rent revenues saw the same bounce, growing a slight 2.73% year over year through April, which RealPage said is the lowest rate since February 2011. This is due to the fact that landlords didn’t capitalize on renewal demand.
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