The apartment industry reached a 10-year high in lease-renewal rates in February, a new report from MPF Research shows. Last month, 55.1% of expiring leases were renewed.
MPF’s analysis of lease transactions from its parent company, RealPage, reveals that February 2016 renewals were up 0.1% from those of February 2015, which makes it the 33rd year-over-year increase in the past 34 months. Additionally, there was a 5.0% increase in monthly rents for leases renewed last month.
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