February’s renewal rate among apartment tenants was the highest in 10 years, says MPF Research, even as rent continues to go up and new products hit the market.
According to the study, over 55% of renters chose to re-up last month despite renewed leases coming with 5% to 5.5% rent increases in seven of the last eight months, GlobeSt reports.
A separate MPF Research study says the average household in a normal apartment spends 20% to 25% of income on rent. However, this data excludes designated low-income housing.
While it’s often cheaper to pay a 5.2% renewal rent hike than to move into a newly built property, others in the industry do say there is an affordability crisis. [GS]
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