In February, 54.5 percent of renters chose to renew their leases, according to MPF Research. This is the highest renewal-conversion rate in a decade.
Renewal-conversion rates have been strong since early 2010 and have not decreased year over year for 22 consecutive months. This renter stability is notable, given the fact that apartment supply is reaching a 25-year high, and rents have been increasing in many markets.
For the past five years, February has been the peak month for renewals, which tend to stay high through April and then begin to dip in June, followed by another dip in December.
February’s 54.5 percent lease-renewal rate accounts for renters who moved out before their leases ended, counting them as nonrenewals.